The Lundin family have been involved in oil exploration and production for over thirty years. Lundin Petroleum can trace its roots back to the early eighties in the form of International Petroleum, then International Petroleum Corporation (IPC), followed by Lundin Oil in the late nineties before emerging as Lundin Petroleum in 2001.
The following presentation outlines the major events in the history of Lundin Petroleum from the early 80s through to the present day.
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.
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.
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 MMscfpd. The planned development includes a number of platforms and interfield pipelines tied back to a central processing platform.
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.