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Lundin Petroleum cuts 2015 spending by 31pc

Published January 7, 2015 Updated January 7, 2015 07:49am

1 min

By Parvez Jabri

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OSLO: Swedish oil firm Lundin Petroleum , will cut its capital spending by 31 percent to $1.45 billion in 2015 and expects to finance all of the expenditure from its cash flow and bank debt, it said on Wednesday.

Lundin said it will focus its work on completing its ongoing projects and its overall field development budget will fall by 30 percent while exploration spending will drop by 27 percent.

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