News Regions Hardcopy Market Data Careers Web- tv Events Subscribe Focus About Upstream Advertise

Lundin takes profits slug

Sweden's Lundin Petroleum has seen its net profit slump in the second quarter of the year, but has boosted its production forecast for the year.

Net profit came in at Skr82.6 million ($11.4 million) from Skr216 million in the same period last year. Lundin blamed the fall on lower production and a deferred tax charge of Skr106.7 million.

Operating cash flow fell to Skr519.1 million from Skr613.6 million.

Earnings before interest, tax and depletion and amortisation (ebitda) rose to Skr646.8 million from Skr627.8 million in the year-earlier period.

First production from the Oudna field, off Tunisia, coupled with new Russian assets Lundin has bought should boost output to more than 40,000 barrels of oil equivalent per day by the end of the year, the company said.

Lundin said this will further increase to more than 50,000 boed by the end of 2007, once the Alvheim field, off Norway, comes on stream.

e-mail this to a friend

e-mail this to a friend

FREE Daily newsletter print
most popular
search
subscriber login
recruitment

Senior Level Exploration Staff

Our client is looking for highly motivated and highly skilled E&P professionals who can assist with increasing its export production capacity from 2.5 million bopd to...

Petro Staff

Contracts Engineer ( Drilling and Construction)

Incumbent will have high involvement with other divisions, vendors and other customers to ensure compliance with standards and regulations. Changes to services, procedures...

Sheffield Offshore

Senior Level Exploration Staff

Our client is looking for highly motivated and highly skilled E&P professionals who can assist with increasing its export production capacity from 2.5 million bopd to...

Petro Staff

Instrumentation & Control Engineer

OMV Exploration & Production

Operations Readiness Coordinator (f/m)

OMV Exploration & Production

HSE Specialists (Drilling)

Sheffield Offshore

Operations Manager

Roc Oil Company

Lead Planning Engineer

Mentor IMC Group

Technical Manager

Sheffield Offshore

Senior Cost Engineer

Mentor IMC Group

Lead Process Engineer

Sheffield Offshore

Production Technologist

Roc Oil Company

Drilling Contracts Engineer

Sheffield Offshore

Schedule Engineer

Orion Group

Drilling Completions Engineer

Sheffield Offshore

click here for all positions
news from other nhst publications