History
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.
1981
1983
Lundin 1983
International Petroleum commences production of the Saleh field, offshore U.A.E.1983
1986
Lundin 1986
International Petroleum Corporation (IPC) discovers the Bukha field, offshore Oman. The discovery well flows in excess of 2,000 bopd and 22 MMscf gas. The discovery is appraised and declared commercial in 1989.1988
Lundin 1988
The Pandora gas field is discovered by IPC, offshore Papua New Guinea.1988
1991
Lundin 1991
The Bunga Orkid field, offshore Malaysia is discovered by IPC, flowing 4,900 bopd and 47.5 MMscf gas. A further two discoveries are made on Bunga Pakma and Bunga Raya.1993
Lundin 1993
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.1993
1994
1994
1994
1995
Lundin 1995
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.1997
1997
1997
1998
1998
1999
2000
Lundin 2000
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.2000
2000
Lundin 2000
Lundin Oil acquires Red Sea Oil Corporation. The acquisition gives Lundin Oil 100% ownership of the En Naga North and West fields, which contain 100 MMbo and are located in Sirte Basin in Libya.2001
2001
2001
2001
Lundin 2001
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 2001.2001
2002
Lundin 2002
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.2003
2003
2003
2003
2003
2004
Lundin 2004
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.2004
2004
2006
Lundin 2006
2006
2006
2006
2007
2007
2008
2008
2008
2009
2010
Lundin 2010
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.2010
2010
2010
Lundin 2010
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 PL501.2010
2010
2011
Lundin 2011
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.2011
2011
Lundin 2011
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 reserves are estimated to be between 1.65 and 3.0 billion boe for the combined field.2012
Lundin 2012
Appraisal drilling on the Johan Sverdrup discovery continues throughout 2012. Six discoveries are made during the year; Geitungen and Salina in Norway, Tembakau and Berangan in Malaysia and two further discoveries in France and the Netherlands. In Norway PDO approvals are granted for the Edvard Grieg and Bøyla developments and the Gaupe field comes onstream.2012
2013
Lundin 2013
A further seven appraisal wells are drilled on the Johan Sverdrup discovery during 2013. Two discoveries are made in Norway; Luno II in the Utsira High Area and Gohta in the Barents Sea. The construction of the facilities for the Edvard Grieg project continues throughout the year. In Malaysia, PDO approval is granted for the Bertam development in licence PM307.2014
2014
2015
Lundin 2015
2015
2015
2015
2016
2016
2017
2017
2017
2018
2018
2018
2018