Sweden’s Lundin Petroleum saw profits rise last year on the back of increased revenue and production, with the latter hitting a record high by the end of the year.

Lundin posted a profit of $824.9 million for the 12 months to 31 December, up from 2018’s $225.7 million net profit.

The increased profits came as the company generated $2.95 billion in revenue last year, up from $2.64 billion a year earlier.

This corresponded with a rise in production, from an average of 81,100 barrels of oil equivalent per day in 2018, to about 93,300 boepd last year.