Lundin Petroleum trims production forecast on Brynhild field delay

Reuters

* EBITDA $222 mln vs forecast $190 mln in Reuters poll

* Q3 production below forecast due to problems at Alvheim

* Brynhild oil production delayed to 2014

* Says full year production to be at bottom of forecastrange (Adds company comment, detail, background)

STOCKHOLM, Nov 6 (Reuters) - Swedish oil firm LundinPetroleum said on Wednesday a delay to one of itsfields meant production for the full year would be at the lowend of a previous forecast.

Lundin, which has a large stake in the giant Johan Sverdrupfind in the Norwegian North Sea, has been enjoying strongproduction growth this year thanks mainly to its Alvheim andVolund fields off Norway.

But production in the quarter came in at 29,400 barrels ofoil equivalent per day - below a forecast in a Reuters poll for31,100 barrels due to a planned shutdown in August at Alvheimand other problems at the field.

Furthermore, Lundin said problems with adapting a floatingproduction and storage platform for its Brynhild field in Norwaymeant the first oil from there would not flow this year.

"With Brynhild now forecast to come onstream in 2014 therewill be no production contribution from Brynhild in 2013 and asa result our 2013 production forecast is now expected at the bottom of our previously guided 33,000 to 38,000 boepdrange," CEO Ashley Heppenstall said in a statement.

"Production will increase to over 40,000 boepd when Brynhildcommences production in 2014."

Brynhild had been expected to come on stream in the fourthquarter this year.

The delay, however, will not affect Lundin's forecast thatcurrent projects will double production to around 70,000 barrelsper day by the end of 2015.

The Johan Sverdrup field - one of the biggest oil disoveriesoff Norway in decades and expected to come on stream by the endof 2018 - will double production again to 150,000 barrels.

Sverdrup is seen holding between 1.7 billion and 3.3 billionbarrels of oil and Lundin repeated it expected to release arefined resource estimate later this year.

Lundin's third quarter earnings before interest, tax,depreciation and amortisation (EBITDA) fell less than expectedto $222 million versus a mean forecast in a Reuters poll of $190million and $274 million in the year-ago period. (Reporting by Stockholm Newsroom)

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