International Petroleum is founded by Adolf H. Lundin with exploration assets in the Middle East, Texas and the Bay of Biscay.
International Petroleum commences production of the Saleh field, offshore U.A.E.
International Petroleum Corporation (IPC) discovers the Bukha field, offshore Oman. The discovery well flows in excess of 2,000 bopd and 22 mcf gas. The discovery is appraised and declared commercial in 1989.
The Pandora gas field is discovered by IPC, offshore Papua New Guinea.
The Bunga Orkid field, offshore Malaysia is discovered by IPC, flowing 4,900 bopd and 47.5 Mscf gas. A further two discoveries are made on Bunga Pakma and Bunga Raya.
IPC acquires 100% ownership of the Welton field and satellite fields together with processing facilities, onshore United Kingdom. The Welton field is the second largest onshore field in the United Kingdom and the company successfully implements a well optimisation programme which results in a significant increase in production levels.
In July 1992, IPC, as field operator, receives approval to develop the Bukha field, the first offshore field in Oman. Facilities include the installation of an offshore platform and a 35 km pipeline to the RAKGAS processing plant. The project is successfully completed in April 1994.
IPC makes a further discovery on Bunga Kekwa in Malaysia/Vietnam. The well flows 10,200 bopd and 179 MMscfpd.
Adolf H. Lundin becomes the largest shareholder in Sands Petroleum AB in April 1995. In October of the same year Sands acquires Neste Oy’s North Sea interests which include 8 producing fields (including Ninian, Claymore, Nelson and Brae), a field development and a number of exploration licences together with infrastructure ownership.
IPC commences oil production from Bunga Kekwa, offshore Malaysia/Vietnam. Phase 1 facilities consists of a light-weight platform with three production wells tied back to a FPSO. Initial production is in excess of 13,000 boepd.
IPC and Sands Petroleum merge to form Lundin Oil AB. Following the merger Lundin Oil has reserves of 158 MMboe, producing assets in Malaysia/Vietnam and the UK and operations in a further six countries around the globe.
Lundin Oil discovers the En Naga North field in Block NC177 located in the Sirte Basin in Libya. Another oil accumulation to the west is discovered in 1999. The combined reserves of the En Naga North and West field is 100 MMboe.
Lundin Oil, as operator, makes a major new oil discovery on the Thar Jath prospect located in Block 5A, southern Sudan. The discovery well flows 4,260 bopd. Following an appraisal programme, proven and probable gross reserves are booked at 149 MMbo.
The Phase 2 development of Block PM-3, offshore Malaysia/Vietnam is initiated with the signing of a gas sales agreement. Phase 2 is designed to integrate the Bunga Kekwa, Bunga Seroja and Bunga Raya fields to produce 40,000 bopd and 250 MMscfgd. The planned development includes a number of platforms and interfield pipelines tied back to a central processing platform.
Red Sea Oil Corporation is acquired by Lundin Oil. The acquisition gives Lundin Oil 100% ownership of the 100 MMbo En Naga North and West field located in the Sirte Basin in Libya.
Lundin Oil sells Libya assets, En Naga North and West fields, to Petro Canada.
Lundin Oil's success story culminates in a takeover by Talisman Energy in a deal valued at USD 470 million.
Lundin Petroleum AB is formed as a result of the takeover of Lundin Oil AB by Canadian independent Talisman Energy. With the management and corporate technical team from Lundin Oil and exploration assets in Sudan, Iran and an equity investment in Russian oil company KMOC, Lundin Petroleum is listed on the New Market in Sweden in September 2001.
Lundin Petroleum acquires Coparex International from BNP Paribas for USD 172.5 million adding exploration and production assets in France, Netherlands, Tunisia, Venezuela, Indonesia and Albania to the existing portfolio. The acquisition transforms Lundin Petroleum from a pure exploration company into an important E&P player with production of approximately 16,000 boepd.
In early 2003, Lundin Petroleum takes its first step onto the Norwegian Continental shelf by acquiring 75 percent of the shareholding in OER oil, a Norwegian E&P company for NOK 30 million.
In the summer of 2003, Lundin Petroleum sells its working interest in Block 5A in Sudan to Petronas Carigali for USD 142.5 million.
In 2003 Lundin Petroleum agrees to acquire a portfolio of producing assets in the UK, Ireland and Norway from DNO AS for USD 165 million.
With the completion of the DNO acquisition, Lundin Petroleum's reserves double to 137 million boe and production is boosted to an average of 28,900 boepd. In August 2004 the Broom project, a satellite field to the Heather field offshore UK, comes on stream with gross production reaching in excess of 25,000 boepd from 3 wells.
In September 2004 the development plan for the 220 million boe Alvheim Project in Norway is approved.
The founder and Honorary Chairman of Lundin Petroleum, Adolf H. Lundin, passes away in September 2006 at the age of 73. He was a pioneer in the oil and mining industries whose vision was instrumental in the success of Lundin Petroleum and many other companies in the natural resource sectors.
Lundin Petroleum acquires Valkyries Petroleum in an all share transaction. Valkyries assets include interests in four producing fields as well as the Lagansky exploration block located in the Caspian Sea.
In Tunisia, the Oudna field is successfully completed and comes on stream in November 2006. The field consists of one production well supported by a water injection well, both tied back to the Ikdam FPSO. The total production by year end reaches 40,000 boepd.
The Luno discovery is made offshore Norway with proven and probable reserves of 95 million boe with further upside potential to be appraised. Following an appraisal programme reserves were later increased to 149 MMboe.
First oil from the Alvheim field is produced in June 2008. The field has a gross ultimate recovery of 276 MMboe and will have a gross plateau production in excess of 90,000 boepd.
A major new oil discovery is made in Russia on the Morskaya prospect located in the Caspian Sea.
A further three discoveries are made in the Greater Alvheim area in Norway; Viper, South Kneler and Marihøne (now renamed Bøyla).
Lundin Petroleum spins-off its UK business into a newly formed company, EnQuest. EnQuest acquired the UK oil and gas production, development and exploration assets and operations of both Lundin Petroleum and Petrofac Limited, a London listed company. Lundin Petroleum received 55 percent of the shares of EnQuest which were distributed to Lundin Petroleum shareholders.
In Norway the Volund field, which is tied back to the Alvheim facilities, commences production at a gross rate of 10,000 bopd. Plateau production is expected to be 25,000 bopd gross.
In September 2010 an exploration well offshore Norway on the Avaldsnes prospect results in a giant oil discovery. The discovery well flows approximately 5,000 bopd of good quality oil and, following two appraisal wells, is estimated to contain gross contingent resources of 800 MMboe - 1.8 billion boe within licence PL501.
A further oil discovery is made in Norway on the Apollo prospect located 4 kilometres north west of the Luno field. The gross contingent resource range is estimated between 15 - 65 million barrels of oil within PL338.
2011 continues on a positive trend with discoveries in Norway and Malaysia. In Norway, oil discoveries are made on the Caterpillar and Tellus and a gas discovery is made in the Barents Sea on the Skalle prospect. In Malaysia, the first two wells offshore Sabah result in gas discoveries. A further oil discovery is made on the Janglau prospect offshore Peninsular Malaysia.
A significant oil discovery is made in Norway on the Aldous MS prospect, a continuation of the Avaldsnes discovery made in 2010 (both renamed Johan Sverdrup). Following appraisal wells on Johan Sverdrup the resource estimates are revised upwards. Gross contingent resources are estimated to be between 1.7 and 3.3 billion boe for the combined field. Further appraisal drilling during 2012 will dertermine the total volume.