Johan Sverdrup field

May 28 (Bloomberg) — Lukas Lundin, investment manager for his billionaire Swedish family, said the oil stock bearing their name should double in value this decade after making its biggest North Sea discovery.

The family trust’s largest holding is its stake of about 30 percent in Stockholm-based Lundin Petroleum.

Sweden’s largest oil company has become the most expensive European explorer at 61 times trailing earnings, buoyed by its stake in the Johan Sverdrup field, which holds an estimated 3.6 billion barrels of oil under the seabed.

The oil company has forecast output jumping to 150,000 barrels a day by 2018 from 35,600 now as it brings wells on line that tap the Johan Sverdrup field.

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