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Operations
Norway    

Norway is the principal area of operation for Lundin Petroleum. With estimated gross reserves in the range of 1.65 and 3.0 billion barrels of oil, the giant Johan Sverdrup discovery is the largest find on the NCS since the mid-eighties.



Norway is Lundin Petroleum's principal area of operation with 2P reserves of 653.6 MMboe, representing 95 percent of its total reserves and approximately 80 percent of the Company's 2016 production guidance.

Johan Sverdrup development
In September 2010 an exploration well on the Avaldsnes prospect in PL501 (WI 40%), located 25 km east of the Edvard Grieg field, resulted in a giant oil discovery. A further large discovery was made on the same structure in the neighbouring PL265 (WI 10%) on the Aldous Major South prospect.

In early 2012 the Avaldsnes/Aldous discovery was renamed Johan Sverdrup.

An extensive appraisal programme was completed in 2014 and the PDO was submitted in February 2015.

The PDO for Phase 1 of the development was given final approval by the Norwegian Ministry of Petroleum and Energy in August 2015. Phase 1 of the development consists of four bridge linked platforms as well as three subsea installations. The gross capital expenditures for Phase 1 is estimated at NOK 108.5 billion (nominal, operators latest estimate) which includes oil and gas export pipelines, development wells as well as power supply from shore. Phase 1 production is scheduled to come onstream in late 2019 with a gross plateau rate in excess of 380,000 barrels of oil per day.

First oil from the Edvard Grieg field
First oil from the Edvard Grieg field in the Norwegian North Sea was achieved in November 2015.

The Edvard Grieg prospect in licence PL338 was successfully drilled as an oil discovery in late 2007. Gross 2P reserves were certified at 95 MMboe and later increased to 206 MMboe following appraisal drilling. A plan for development and operation (PDO) for the Edvard Grieg field was given final approval in June 2012. The gross capital cost of the Edvard Grieg field development is estimated at NOK 26 billion and includes platform, pipelines and development wells.

Lundin Petroleum has been assigned a unitised interest in the Ivar Aasen field located north of the Edvard Grieg field. Lundin Petroleum has a net ownership in Ivar Aasen of 1.385 percent. The operator, Det norske, estimates the field to contain gross reserves of 183 MMboe¹ (2.5 MMboe net to Lundin Petroleum). Ivar Aasen is being developed with a steel jacket platform with topside facilities. Oil and gas will be exported via the Edvard Grieg platform and is forecast to come onstream during the fourth quarter of 2016.

Other production
Average net production from the Norwegian assets for 2015 amounted to 20,700 boepd.

The Alvheim field produced on average 7,800 boepd net to Lundin Petroleum during 2015. Gross ultimate recoverable reserves increased to 330 MMboe.

The Volund field is located to the south of Alvheim and is a sub-sea tieback to the Alvheim FPSO. The field came on stream in 2010 and achieved average net production of 4,900 boepd during 2015. In addition, the Viper/Kobra accumulation is being developed as a subsea tieback to the Volund subsea facilty with first oil expected in late 2016.

The Brynhild field (PL148) produced first oil in December 2014 and is Lundin Norway's first field development as an operator. The field achieved average net production of 4,200 boepd during 2015.

Production from the Bøyla field in PL340, commenced in January 2015. The field is a subsea tie-back to the Alvheim FPSO. The Bøyla field achieved average net production of 2,100 boepd during 2015.

Exploration
A significant oil and gas discovery was made in 2014 on the Alta prospect in the Barents Sea. The find is located close to the Gohta discovery situated on the Loppa High. Alta will be appraised with one appraisal well during 2016.

Lundin Petroleum has an active ongoing exploration/appraisal programme in Norway. A total of four exploration/appraisal wells are scheduled to be drilled in 2016 which will be concentrated in two core areas, namely the Utsira High in North Sea and the southern Barents Sea.

¹ Excluding Hanz discovery which is not part of the Ivar Aasen unit

Norway licences


Licence Licence Type Lundin Interest Operator Partner
Greater Alvheim Area (GAA)
 Alvheim  (PL203,036c,088BS) Production
Exploration
15% Det norske  Det norske 65%, Norske ConocoPhilips 20%
 Bøyla (PL340) Production 15% Det norske  Det norske 65%, Core Energy 20%
 Volund (PL150) Production
Exploration
35% Det norske  Det norske 65%
 PL150b Exploration 35% Det norske  Det norske 65%
 PL203b Exploration 15% Det norske  Det norske 65%,  Norske ConocoPhilips 20%
 PL340BS (Caterpillar) Exploration 15% Det norske  Det norske 65%, Core Energy 20%
 PL736S Exploration 15% Det norske  Det norske 65%, Norske ConocoPhilips 20%
Utsira High Area (UHA)
 Johan Sverdrup Unit
 (PL265,PL501,PL501B,PL502)
Development
22.60% Lundin Petroleum  Statoil ASA 40.0267%, Petoro 17.36%,
 Det nosrke 11.5733%,  Maersk Oil 8.44%
 Edvard Grieg
 (PL338)
Production 50% Lundin Petroleum  OMV 20%, Wintershall 15%, Statoil ASA 15%
Ivar Aasen Unit
(PL001b, PL242, PL338BS,
PL452)
Development 1.385% Det Norske Statoil ASA 41,473%, Det Norske 34,7862,
Bayerngas 12,31725%, Wintershall 6,4615%,
VNG 3,023%, OMV 0,554%
 PL167 & PL167b Exploration 20% Statoil ASA  Statoil ASA 80%
 PL265 Exploration 10% Statoil ASA  Statoil ASA 40%, Petoro 30%,
 Det Norske Oljeselskap 20%
 PL338 BS
Exploration
50% Lundin Petroleum  OMV 20%, Wintershall 15%, Statoil ASA 15%
 PL338 C
Exploration
50% Lundin Petroleum  Lime Petroleum 30%, OMV 20%
 PL359 (Luno II) Exploration 50% Lundin Petroleum  OMV 20%, Statoil ASA 15%, Wintershall 15%
 PL410 Exploration 52.353% Lundin Petroleum  Lime Petroleum 30%, Statoil ASA 17.647%
 PL501 Exploration 40% Lundin Petroleum  Statoil ASA 40%, Maersk Oil 20%
 PL501b Exploration 40% Lundin Petroleum  Statoil ASA 40%, Maersk Oil 20%
 PL544 Exploration 40% Lundin Petroleum  Wellesley Petroleum AS 30%, Lime Petroleum 30%
 PL625 Exploration 40% Lundin Petroleum  Bayerngas Norge 20%,  Maersk Oil 20%,
 Petoro 20%
 PL674BS Exploration 35% Lundin Petroleum  Petrolia Norway 35%, Dea E&P Norge 30%
 PL674CS Exploration 35% Lundin Petroleum  Petrolia Norway 35%, Dea E&P Norge 30%
 PL778 Exploration 40% Lundin Petroleum  Centrica Resources 20%, Det Norske Oljeselskap 20%, 
 Wintershall 20%
 PL815 Exploration 40% Lundin Petroleum  Lime Petroleum Norway AS 20%, Concedo ASA 20%,
 Petoro AS 20%
Barents Sea Area
 PL492 (Gohta) Exploration 40% Lundin Petroleum  Det Norske Oljeselskap 40%,
 Noreco 20%
 PL533¹ Exploration 35% Lundin Petroleum  Det Norske Oljeselskap 35%,RWE Dea 30%,
 PL609 (Alta) Exploration 40% Lundin Petroleum  Dea Norge AS 30%,
 Idemitsu Petroleum Norge AS 30%
 PL609b Exploration 40% Lundin Petroleum  Dea Norge AS 30%,
 Idemitsu Petroleum Norge AS 30%
 PL659 Exploration 20% Det Norske  Petoro 30%, Det norske 20%, Tullow Oil 15%,
 Atlantic Petroleum 10%, Pure E&P Norway 5%
 PL695 Exploration 40% Lundin Petroleum  Tullow Oil 40%, Petoro 20%
 PL708 Exploration 40% Lundin Petroleum  Edison 20%, Lukoil 20%, Pure E&P Norway 10%,
 Lime Petroleum 10%
 PL764 Exploration 40% Lundin Petroleum  Maersk Oil 40%, Bayerngas 20%
 PL765 Exploration 20% Satoil  Statoil 40%, Maersk Oil 20%,   Bayerngas 20%
 PL766 Exploration 40% Lundin Petroleum  Maersk Oil 40%, Bayerngas 20%
 PL767 Exploration 60% Lundin Petroleum  Bayerngas 40%
 PL805 Exploration 40% Lundin Petroleum  Explora Petroleum 20%, North Energy 20%,
 Petoro 20%
North Sea Area
 Brynhild (PL148) Production 90% Lundin Petroleum  CapeOmega AS 10%
 Gaupe (PL292) Production 40% BG Group  BG Group 60%
 PL292b Exploration 40% BG Group  BG Group 60%
 PL631 Exploration 60% Lundin Petroleum  Bayerngas Norge AS 30%, Fortis Petroleum 10%
 PL678S Exploration 20% Wintershall  Wintershall 35%, MOL Norge 25%,
 Fortis Petroleum 20%
 PL678BS Exploration 20% Wintershall  Wintershall 35%, MOL Norge 25%,
 Fortis Petroleum 20%
 PL678C Exploration 20% Wintershall  Wintershall 35%, MOL Norge 25%,
 Fortis Petroleum 20%
 PL678SB Exploration 20% Wintershall  Wintershall 35%, MOL Norge 25%,
 Fortis Petroleum 20%
 PL685 Exploration 20% Total  Total 40%, Bayerngas Norge 20%, Petoro 20%
 PL734 Exploration 30% Wintershall  Wintershall 40%, Centrica 30%
Møre Basin Area
 PL555 Exploration 60% Lundin Petroleum  Bayerngas Norge 30%, Fortis Petroleum 10%
 PL579 Exploration 50% Lundin Petroleum  Bayerngas Norge 30%, Fortis Petroleum 20%
 PL579B Exploration 50% Lundin Petroleum  Bayerngas Norge 30%, Fortis Petroleum 20%
 PL789 Exploration 40% Lundin Petroleum  Bayerngas Norge 20%, Explora Petroleum 20%,
 Petoro 20%
Norwegian Sea Area
 PL653 Exploration 30% Dea Norge  Dea Norge 40%, Det norske 30%
 PL694 Exploration 20% Dea Norge  Dea Norge 40%, Det norske 20%,  Petoro 20%
 PL700 Exploration 40% Lundin Petroleum  Bayerngas Norge 20%, Engie E&P Norge 20%, VNG Norge 20%
 PL700B Exploration 40% Lundin Petroleum  Bayerngas Norge 20%, Engie E&P Norge 20%, VNG Norge 20%
 PL758 Exploration 35% Lundin Petroleum  Capricorn Norge 35%, Skagen44 30%
 PL800 Exploration 35% Lundin Petroleum  Capricorn Norge 35%, Skagen44 30%
 PL830 Exploration 40% Lundin Petroleum  Statoil 20%, VNG Norge 20%, Petoro 20%
 PL831 Exploration 20% Suncor Energy  Suncor Energy 40%, VNG Norge 20%, Petoro 20%
 ¹ Subject to government approval
 
     

FRANCE


» 20 licences
  - 15 production
  -  5 exploration
» Net reserves 19.1 MMboe

NORWAY


» 60 licences
  - 8 production
  - 2 development
  - 50 exploration
» Net reserves 653.6 MMboe

NETHERLANDS


» 20 licences
  -  18 production
  -  2 exploration
» Net reserves 1.9 MMboe

RUSSIA


» 1 development licence
 

INDONESIA


» 6 licences
  -  1 production
  -  5 exploration
» Net reserves 1.4 MMboe

MALAYSIA


» 6 licences
   - 1 production
   - 5 exploration
» Net reserves 10.7 MMboe