With oil prices falling, Swedish energy company Lundin Petroleum said Wednesday it cut its 2015 spending plans by 31 percent from last year.

Lundin said that, combined, its total spending for development, appraisal and exploration for 2015 would total around $1.45 billion. The bulk of the spending, about $750 million, would target ongoing operations in Norway, though the majority would focus on its Bertram project in Malaysia.

Company President Ashley Heppenstall said the major focus would be on Norwegian and Malaysia projects that would combine for an increase in production to 75,000 barrels of oil equivalent per day.

"We have a strong balance sheet and I expect our 2015 capital program to be fully funded from internally generated cash flow and bank debt," he said in a statement.

About 15 percent of the expected increase in production would come from the Betram oil field in Malaysia. It's expected to come onstream during the second half of the year and reach its peak production rate by year's end.

Lundin is among the latest to trim its capital expenditures as oil prices continue to fall. The price of Brent crude oil, a global benchmark, lost more than a dollar in early trading Wednesday to sell for just under $50 per barrel, the lowest price since May 2009.

The Swedish company trimmed most of its 2015 budget from appraisal programs, which at $150 million, represents a 48 percent decrease from its 2014 expenses.