Lundin Petroleum AB (publ) announced its 2014 development, appraisal and exploration budget which totals USD 2.1 billion. The 2014 expenditure on development projects is budgeted at USD 1.4 billion which represents a 25% increase on forecast 2013 development expenditure. The 2014 budgeted expenditure on exploration activity is USD 380 million which is approximately the same as the forecast 2013 exploration expenditure.

The budgeted 2014 appraisal expenditure amounts to USD 300 million. 75% of the 2014 budgeted development expenditure, corresponding to USD 1.1 billion, relates to ongoing development projects in Norway with the majority of the balance being spent on the Bertam development in Malaysia. The exploration budget for 2014 is USD 380 million with a major focus on Norway which accounts for approximately 75% of this amount.

The exploration programme involves the drilling of 19 exploration wells in Norway, Malaysia, Indonesia, France and the Netherlands targeting total net unrisked prospective resources of 620 million barrels of oil equivalent (MMboe). The appraisal budget for 2014 is approximately USD 300 million with over 90% of the expenditure being allocated to appraisal wells in Norway. The appraisal programme involves the drilling of 5 appraisal wells in Norway and one appraisal well offshore Peninsular Malaysia.