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Lundin Petroleum reports bumper profits

Swedish oil and gas firm Lundin Petroleum has reported a profit before tax of $166.6 million for the third quarter, up from $105.4 million in the corresponding period of 2010 and over analyst expectations.

Published: 2 November 2011 08:08 CET
Lundin Petroleum reports bumper profits

Turnover amounted to $327.5 million, in comparison with $202.3 million last year.

Operating results (Ebitda – Earnings before interest, taxes, depreciation and amortization) amounted to $262 million ($167 million). According to an SME Direkt poll, analysts had forecast $235 million.

The firm also exceeded analyst expectations with regards to turnover, which were forecast at $302 million.

The big news of the quarter was the announcement of an increased in reserves in the firm’s Avaldsnes field in the Norwegian North Sea.

In a comment on the report, CEO Ashley Heppenstall described the upgrade as “transformational” for the company, which has over 80 percent of its reserves in Norway.

“There is no question in my mind that this discovery will contribute a significant percentage of total North Sea production in years to come and due to its size, location and quality of reservoir, will be one of the most valuable discoveries ever made in the North Sea,” Heppenstall wrote.

The firm maintained a previous production forecast for 2011 of 31,000 – 34,000 barrels per day, with this increasing to 60,000 barrels per day within the coming five years.

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NORWAY

Norway to send 200,000 AstraZeneca doses to Sweden and Iceland

Norway, which has suspended the use of AstraZeneca's Covid vaccine until further notice, will send 216,000 doses to Sweden and Iceland at their request, the Norwegian health ministry said Thursday.

Published: 22 April 2021 14:29 CEST
Norway to send 200,000 AstraZeneca doses to Sweden and Iceland
Empty vials of the AstraZeneca vaccine. (Photo by GABRIEL BOUYS / AFP)

“I’m happy that the vaccines we have in stock can be put to use even if the AstraZeneca vaccine has been paused in Norway,” Health Minister Bent Høie said in a statement.

The 216,000 doses, which are currently stored in Norwegian fridges, have to be used before their expiry dates in June and July.

Sweden will receive 200,000 shots and Iceland 16,000 under the expectation they will return the favour at some point. 

“If we do resume the use of the AstraZeneca vaccine, we will get the doses back as soon as we ask,” Høie said.

Like neighbouring Denmark, Norway suspended the use of the AstraZeneca jab on March 11 in order to examine rare but potentially severe side effects, including blood clots.

Among the 134,000 AstraZeneca shots administered in Norway before the suspension, five cases of severe thrombosis, including three fatal ones, had been registered among relatively young people in otherwise good health. One other person died of a brain haemorrhage.

On April 15, Norway’s government ignored a recommendation from the Institute of Public Health to drop the AstraZeneca jab for good, saying it wanted more time to decide.

READ MORE: Norway delays final decision on withdrawal of AstraZeneca vaccine 

The government has therefore set up a committee of Norwegian and international experts tasked with studying all of the risks linked to the AstraZeneca and Johnson & Johnson vaccines, which is also suspected of causing blood clots.

Both are both based on adenovirus vector technology. Denmark is the only European country to have dropped the AstraZeneca
vaccine from its vaccination campaign, and said on Tuesday it would “lend” 55,000 doses to the neighbouring German state of Schleswig-Holstein.

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