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Lundin share price struggles to follow rise of production and reserves

Norway-focused producer’s traditional/lower-carbon balancing act fails to set it apart from its peers

Sweden’s Lundin Energy has boosted both its proved plus probable (2P) net reserves and its proved plus probable plus possible (3P) net reserves for the end of 2020 by a substantial margin compared with 12 months previously, despite almost doubling its 2020 production. But the equity market remains less willing than previously to reward the firm—which continues to have a 90pc oil base rather than pursuing the gassier focus of some of its peers—with a return to pre-pandemic share price levels. Lundin puts production efficiency, sustainability and decarbonisation at the centre of its ESG story, citing the extremely low carbon footprint—in global terms—of its oil via initiatives such as power-

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