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Lundin Petroleum trims investments by 26 percent

The Swedish oil company's reserves increased 292 percent by the end of December 2015 as the company includes its stake in the Norwegian Johan Sverdrup field for the first time.

Photo: Statoil

Swedish oil company Lundin Petroleum, a partner in the enormous Johan Sverdrup field, will slash operational investments by 26 percent compared to the previous year, according to a statement from the company Friday.

Lundin Petroleum's proven and probable reserves at the end of December 2015 had increased by all of 292 percent to a total of 685 million barrels of oil equivalents, compared to the reserves one year ago. The main explanation is that the Swedish oil company includes Johan Sverdrup for the first time, according to the statement.

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