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Norway Lundin Petroleum declares 2015 budget of $1.45b, shows 31% decrease

Norway Lundin Petroleum declares 2015 budget of $1.45b, shows 31% decrease

OSLO: Norway Lundin Petroleum AB (OMX:LUPE) announces its 2015 development, appraisal and exploration budget which totals USD 1.45 billion and represents a 31 percent decrease on forecast 2014 capital expenditure. Development, appraisal and exploration budget totals USD 1.45 billion and represents a 31 percent decrease on forecast 2014 capital expenditure.

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

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