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Lundin Lowers Spending 12% for 2016; $935 Million
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Lundin Petroleum AB reported its 2016 development, appraisal and exploration budget which totals USD 1.08 billion and represents a 26 percent decrease on 2015 capital expenditure.
Key Points: The 2016 expenditure on development projects is budgeted at USD 935 million which represents a 12 percent decrease on 2015 development expenditure. In excess of 95 percent of the 2016 budgeted development expenditure, corresponding to USD 905 million, relates to development projects in Norway with the majority of the balance being spent on the Bertam development in Malaysia. The 2016 budgeted expenditure on exploration and appraisal activity is USD 145 million which is a 64 percent decrease on 2015 exploration and appraisal expenditure.Lundin Petroleum is also pleased to announce that as at 31…
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