* Has share in giant new oilfield
* Shares slide in line with broad sell-off in oil and oil stocks (Adds quotes, details, share price)
OSLO, March 9 (Reuters) - Sweden’s independent oil company Lundin Petroleum said on Monday it was not making any sudden changes to its strategy in response to a sharp drop in oil prices and believed its low-cost assets would prove resilient.
The company, a partner in Norway’s giant Johan Sverdrup oilfield, said its low cost asset base would shelter it from the market’s downturn after oil prices lost as much as a third of their value on Monday.
“We have flexibility in terms of our capital allocation programme and are of course monitoring the position closely, but are not making any snap adjustments to our strategy this year,” it said in an email to Reuters.
Lundin has a 20% stake in the 2.7 billion barrels Svedrup field, which began production last October, and soon became Western Europe’s largest oil producer by output.
Svedrup’s operator Equinor aims to ramp up the output to the field’s Phase 1 plateau of 440,000 barrels per day over the coming months.
Shares in Equinor, Norway’s largest oil and gas producer, were trading 17% lower by 1307 GMT, while Lundin’s fell 20.6%.
In a separate email to Reuters, Equinor said the company was in a “robust position to handle volatility and periods with low prices” because of its strong balance sheet. (Reporting by Nerijus Adomaitis; Editing by Edmund Blair and Barbara lewis)