Lundin slashes 2015 budget by one-third

Sweden's Lundin Petroleum announced on Wednesday that its 2015 development, appraisal and exploration budget will be almost one-third lower than last year's budget.

Lundin said the budget will amount to US$1.45 billion – 31% less than its budget for 2014.

Its exploration budget will fall 27% to US$320 million, while its appraisal spending will be down 48% at US$150 million.

Lundin said that 77% of its 2015 budgeted development expenditure will be related to ongoing projects in Norway, with the majority of the balance being spent on the Bertam development in Malaysia. By the end of 2015, the firm said, its Brynhild, Bøyla and Bertam development projects will be completed and will incur no further planned capital expenditure beyond 2015 while Edvard Grieg will see the development drilling campaign concluded in 2017.

Lundin added that capital expenditure on Phase 1 for the Johan Sverdrup development will be confirmed at the time of submitting the plan for development in February 2015 and is thus not included in the current 2015 expenditure budget.

Adapted from press release by Joe Green

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