LUNDIN BOOKS $549MN IMPAIRMENT


Dateline 2017-01-19, Natural Gas World:

Sweden-based Lundin Petroleum announced January 19 a net 4Q2016 upstream impairment charge of $549mn ($632mn gross, offset by a $83mn tax credit) after having taken gas discoveries offshore Malaysia and oil found in the Russian Caspian off its balance sheet.

Lundin said it’s now unlikely any of the discoveries — offshore Sabah in east Malaysia, plus the Tembakau gas find offshore peninsular Malaysia, as well as the Morskaya find in the Caspian — can be commercialised in the near future. It did go into further detail on why they are unlikely to be developed. The affected Malaysia reserves are 60.6mn barrels of oil equivalent; those at Morskaya are 110.1mn boe.

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