After the outbreak of the crisis in 2020, the oil industry is growing again. Among them are Lundin Energy, which has funded inflows, increased profits and reduced debt.
The case is being updated…
The oil company Lundin Energy released its first quarter results on Thursday, the first full quarter since Nick Walker took over from Alex Schneiter.
Lundin is not someone who has a strong momentum of development every day.Quarterly report of both parties Equinor with Aker Petroleum The display is the same.
The development of the industry is in sharp contrast to the situation a year ago, when the corona pandemic hit the country and oil prices plummeted.
The epidemic is still raging, but oil prices have recovered. In the first quarter, Lundin sold oil at an average price of $61 per barrel.
This helped Walker set a record for the first quarter, because Lundin Energy has never had such a huge revenue like the company in the first three months of this year:
After the spin-off of international operations a few years ago, the company only focused on Norwegian shelves. The company is known for its discovery of the Johan Sverdrup oil field operated by Equinor and the Edvard Grieg oil field operated by Lundin itself.
In the past year and a half, the company has also implemented a climate strategy that has led to investments in Finnish wind energy and Norwegian hydropower to meet the company’s electricity needs on electrified oil platforms.