Sweden’s Lundin Petroleum doubles profits

Lundin's North Sea Alvheim oil field. Radio Sweden.Swedish oil explorer and producer Lundin Petroleum raised its production guidance for the year Wednesday, reporting doubled second-quarter core profits that exceeded forecasts.

Earnings before interest, taxes, and other costs were US$ 267 million, almost twice that in the same period last year. Lundin attributed the improvement to higher-than-expected production and high oil prices.

It also gave an optimistic outlook for its Avaldsnes field in the Barents Sea – an area where Statoil recently discovered oil – and said the results of an initial appraisal looked “extremely encouraging”.

Originally posted August 3, 2011

Radio Sweden

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