Lundin Oil AB has approved a 2001 capital budget of $108 million, up by 46% from the 2000 budget.
Of the total, $83 million will be spent on development activities with the balance on exploration and appraisal projects.
The majority of the development budget relates to the En Naga oil project on Area NC177 onshore Libya and the Phase 2 oil and gas project on Block PM3 CAA offshore Malaysia/Vietnam.
These two projects will boost Lundin Oil's production, which currently is approximately 14,100 barrels per day.
© 2001 Mena Report (www.menareport.com )