Solid progress at Lundin drowns in impairments

Last year's major gains on the top and bottom lines were tarnished by large-scale impairments for Lundin Petroleum in Malaysia and Russia.

Swedish oil company Lundin Petroleum looked set for a booming year but wound up disappointing. The company's just-released annual report fell somewhat flat.

The year got off to a solid start, as Lundin began production in late 2015 at the company's first Norwegian oil field – Edvard Grieg – and everything was poised to go well for the rest of the year at Lundin.

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