Lundin Petroleum has cut its expenditure for 2015 by 31% and said it would be focusing its sending on development projects.
The company has set its development, appraisal and exploration budget would at $1.45billion.
Development projects have been budgeted at $980million which represents a 30% decrease on forecast 2014 expenditure.
Exploration activity will also be cut to $320million while appraisal expenditure will total $150million – a 48% decrease on the forecast 2014 costs.
Lundin said ongoing development projects in Norway will continue to be invested in however the majority of spending will be on Bertam development in Malaysia.
By the end of 2015 the Brynhild, Boyla and Bertam development projects will be completed and will incur no further planned capital expenditure beyond 2015.
Ashley Heppenstall, chief executive of Lundin Petroleum, said:”The major focus of our 2015 capital budget will be the completion of our development projects on Boyla, Bertam and Edvard Grieg which will increase our production to 75,000 boepd.
“We remain firmly focused upon our exploration programme in Norway and Malaysia with a particular emphasis on the Utsira High and the Barents Sea areas where we have had excellent historical success.
“We have a strong balance sheet and I expect our 2015 capital programme to be fully funded from internally generated cash flow and bank debt.”
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