Lundin cuts 30 percent from its oil investment budget

Swedish oil company Lundin Petroleum's investment budget for this year will be trimmed to the core.

Photo: Hjalmar Otto Fjøsne/Aker Solutions

The low oil price has already made numerous major international oil companies trim their investment budgets for 2015 significantly. Next in line is Swedish Lundin Petroleum as the company has published a 2015 investment budget that is 31 percent lower than the budget for 2014.

Lundin Petroleum plans to invest a total of USD 1.45 billion in 2015. Of this figure, USD 320 million will be earmarked for exploring new oil fields - 85 percent of these fields are located on the Norwegian shelf.

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