Lundin cuts 2015 expenditure

Swedish oil company Lundin Petroleum AB has announced its 2015 development, appraisal and exploration budget which totals $1.45 billion and represents a 31% decrease on forecast 2014 capital expenditure.

The 2015 expenditure on development projects is budgeted at $980 million which represents a 30 percent decrease on forecast 2014 development expenditure.

The 2015 budgeted expenditure on exploration activity is $320 million which is a 27 percent decrease on forecast 2014 exploration expenditure and the budgeted 2015 appraisal expenditure amounts to $150 million which is a 48 percent decrease on the forecast 2014 appraisal expenditure.

Focus on development

 Ashley Heppenstall, President & CEO of Lundin Petroleum said: “The major focus of our 2015 capital budget will be the completion of our development projects on Boyla, Bertam and Edvard Grieg which will increase our production to 75,000 boepd.

“We remain firmly focused upon our exploration programme in Norway and Malaysia with a particular emphasis on the Utsira High and the Barents Sea areas where we have had excellent historical success.

“We have a strong balance sheet and I expect our 2015 capital programme to be fully funded from internally generated cash flow and bank debt.”