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Lundin Energy AB (Lundin Energy) is pleased to note that following the license partners support for development concept selection, Equinor ASA, the operator of Wisting in the development phase, has now awarded the front-end engineering and design (FEED) contracts.
The Wisting development is on track for project sanction by the end of 2022;
The main FEED contract for the floating production unit has been awarded to Aker Solutions and will be executed in Norway, ensuring high quality build and finish, including an engineering, procurement, construction and installation (EPCI) option which would be executed after project sanction
Other FEED studies have been awarded following the decision to pursue the project, with the main part of this work also being carried out in Norway
The development concept includes a circular FPSO and power from shore, resulting in very low CO2 emissions from the field
Lundin Energy’s renewable energy projects will generate sufficient power to cover the expected net electricity usage from Wisting, leading to zero net Scope 2 emissions
Gross capital investment expected to be between NOK 60 billion to 75 billion
The Wisting discovery contains recoverable resources of 500 million barrels of oil
Production is expected to start up in 2028 and Equinor plan to submit a Plan for Development and Operations (PDO) by end 2022
Lundin Energy has recently increased its working interest in Wisting to 35 percent1
For further information, please contact:
VP Investor Relations
Tel: +41 22 595 10 14
Head of Media Communications
Tel: +46 701 11 26 15
1Increase to 35 percent is subject to Norwegian regulatory approvals and is expected to complete in the fourth quarter 2021
Lundin Energy is an experienced Nordic oil and gas company that explores for, develops and produces resources economically, efficiently and responsibly. We focus on value creation for our shareholders and wider stakeholders through three strategic pillars: Resilience, Sustainability and Growth. Our high quality, low cost assets mean we are resilient to oil price volatility, and our organic growth strategy, combined with our sustainable approach and commitment to decarbonisation, firmly establishes our leadership role in a lower carbon energy future. (Nasdaq Stockholm: LUNE). For more information, please visit us at www.lundin-energy.com or download our App www.myirapp.com/lundin
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