Swedish company Lundin Petroleum will book a $632 million non-cash pre-tax impairment for the fourth quarter of 2016 after writing down the contingent resources of several discoveries not likely to be developed in the near future.
This includes gas discoveries in the Sabah region off the coast of East Malaysia and the Tembakau gas discovery in PM307 offshore Peninsular Malaysia, as well as the Morskaya oil discovery in the Russian Caspian Sea.
While the company will keep the discoveries in its portfolio, it stated on Thursday it was unlikely any of them would be commercialised “in a reasonable timeframe”.
As
