Independents focus on development

摘要

Europe’s leading upstream independents are planning a significant boost in development capital expenditure (capex) this year as they seek to convert past exploration success into production and cash flow. Spending on exploration and appraisal drilling is rising at a slower rate to accommodate a growing queue of development projects. Swedish firm Lundin Petroleum plans to hike development spending by around 150pc this year to $1.1bn. The firm has earmarked most of it for the Edvard Grieg, Brynhild and Boyla fields offshore Norway, which are forecast to more than double Lundin’s output to over 70,000 b/d of oil equivalent (boe/d) by the end of 2015.