EnergyWatch

Lundin impairs gas discoveries by half a billion USD

Gas and oil discoveries in Malaysia and Russia are not developing positively for Sweden's Lundin Petroleum.

A USD 549 million impairment after taxes hits Swedish Lundin after the oil company has removed two gas discoveries in Malaysia and one discovery in Russia from its list of known oil and gas discoveries. The fields will take too long to develop and, as such, cannot be booked as assets.

This has resulted in an impairment of USD 549 million after taxes.

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