Lundin Petroleum declares 2013 capital expenditure budget of $1.7 bn

Jan 08, 2013 12:00 AM

Lundin Petroleum declares its 2013 development, appraisal and exploration budget which totals $1,700 million. 2013 will be the busiest year in the company's history both in relation to exploration and development activities.

The 2013 expenditure on development projects is budgeted at $1,100 million which represents approximately a 150 percent increase on forecast 2012 development expenditure. The 2013 budgeted expenditure on exploration activity is $460 million which represents approximately 40 percent increase on the forecast 2012 exploration expenditure. The budgeted 2013 appraisal expenditure amounts to $150 million against a forecast 2012 appraisal expenditure of approximately $150 million.

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