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Thursday, 21 August, 2008, 19:40 GMT | more prices >>

Lundin drills into profits



By Upstream staff 

Swedish producer Lundin Petroleum saw full-year and fourth-quarter earnings rise as it drove revenues through new exploration in the North Sea, South-East Asia and Africa.

Lundin reported net income of Skr952.5 million ($150.7 million), up from Skr794.4 million in 2006 as net sales rose to Skr5.35 billion from Skr4.23 billion previously.

The company said production rose to 12.7 million barrels of oil equivalent, or 34,700 boe per day, in the year, compared with 10.8 million boe, or 29,700 boepd, in 2006.

For the fourth quarter, Lundin reported net income of Skr219.5 million, compared with Skr618.1 million as net sales hit Skr1.39 billion compared with Skr1.1 billion previously.

The company said it had bought 28 new licences in 2007, mainly in its core North Sea area. However, it also bought interests in Vietnam, Cambodia, Kenya, Congo-Brazzaville and Ethiopia. The company also has continuing operations in Russia and Sudan.

In Norway, Lundin said the floating production, storage and offloading vessel had left port bound for its Alvheim field, with production expected by the end of this quarter.

The company also said its Luno discovery in the North Sea contained between 65 million and 190 million barrels of oil equivalent in Jurassic levels with further potential in Triassic sediments.


Wednesday, 20 February, 2008, 07:52 GMT  | last updated: Wednesday, 20 February, 2008, 08:32 GMT

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