Oil price throws Lundin into huge loss

Lundin Petroleum, which is a partner on the Sverdrup field, was hard hit by the plummeting oil price in 2015, and a significant impairment also contributed to the Swedish oil company virtually doubling its deficit.

The Johan Sverdrup project in the North Sea | Photo: Statoil

Swedish Lundin Petroleum, which partners with Maersk Oil and Statoil among others in the huge Johan Sverdrup project in the North Sea, closed 2015 with big losses in line with the rest of the oil and gas sector.

However, the Swedish oil company maintains a steady footing and coming years may bring opportunities, says CEO Alex Schneiter in the annual report, which shows a plunging net deficit of USD 866.3 million, a decline from USD 431.9 million in 2014.

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