Exploration & Production | Capital Markets | Capital Expenditure
Lundin Details Multi-Billion Dollar 2014 CapEx; Outlines Targets
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Lundin Petroleum AB has reported its 2014 development, appraisal and exploration budget which totals US$2.1 billion.
The 2014 expenditure on development projects is budgeted at US$1.4 billion which represents a 25 percent increase on forecast 2013 development expenditure. The 2014 budgeted expenditure on exploration activity is US$380 million which is approximately the same as the forecast 2013 exploration expenditure. The budgeted 2014 appraisal expenditure amounts to US$300 million.
Ashley Heppenstall, President & CEO of Lundin Petroleum comments: "Lundin Petroleum remains a very active exploration company and I am pleased to announce our 19-well exploration campaign during 2014 which exposes the Company to over 600 MMboe of unrisked prospective resources. Our 2014 appraisal campaign…
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