Lundin Petroleum Increases Budget for Development Projects in Norway

Lundin Petroleum announced a $1.4 billion budget for expenditure on development projects, increasing by 25% the expenditure for 2013. The majority of the funds will aim at developing projects in Norway.

‘75% of the 2014 budgeted development expenditure, corresponding to $1.1 billion, relates to ongoing development projects in Norway,’ reads a note released on Wednesday. 

Lundin’s main project is the development of the Edvard Grieg field. The 2014 net expenditure is budgeted at approximately $700 million. 

Other projects comprise the Brynhild field, the non-operated Boyla field, the non-operated Alvheim and Volund fields.