Lundin Petroleum announce its 2014 development, appraisal and exploration budget which totals USD 2.1 billion.
The 2014 expenditure on development projects is budgeted at USD 1.4 billion which represents a 25 percent increase on forecast 2013 development expenditure. The 2014 budgeted expenditure on exploration activity is USD 380 million which is approximately the same as the forecast 2013 exploration expenditure. The budgeted 2014 appraisal expenditure amounts to USD 300 million.
75 percent of the 2014 budgeted development expenditure, corresponding to USD 1.1 billion, relates to ongoing development projects in Norway with the majority of the balance being spent on the Bertam development in Malaysia.