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Operations
Norway    

Norway is the principal area of operation for Lundin Petroleum. With estimated gross resources between 1.8 and 2.9 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 operations with reserves of 148.7 MMboe, representing 79 percent of its total reserves and approximately 70 percent of the group’s production.

A New Giant in Norway
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. Following an extensiveappraisal drilling programme, the Johan Sverdrup structure is estimated to contain between 1.8 – 2.9 billion boe of gross recoverable resources making it the largest discovery on the NCS since the mid-eighties. During 2013/2014 a further nine appraisal wells were drilled taking the total number of wells to 22. The field is now fully appraised.

A coordinated development of the Johan Sverdrup field is being planned with production start targeted for late 2019. This work will be performed by Statoil on behalf of the three licences PL265, PL501 and PL502, in close cooperation with all the partners in the three licence groups. A field development concept has been selected and PDO approval is planned for Q2 2015. First oil production is targeted by the end of 2019.

Production
Average production from the Norwegian assets in 2013 amounted to 23,900 boepd.

The Alvheim produced on average 10,500 boepd net to Lundin Petroleum during 2013. Gross ultimate recoverable reserves increased to 307 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 12,200 boepd during 2013. 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.

Production from the Bøyla field in PL340, commenced in January 2015. The field is tied-back to the Alvheim FPSO.

Development
The Edvard Grieg prospect in licence PL338 was successfully drilled as an oil discovery in late 2007. After appraisal drilling, gross 2P reserves were certified at 95 MMboe and later increased to 186 MMboe. 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 USD 4 billion and includes platform, pipelines and 15 wells. All major contracts have been awarded and construction is ongoing. First production is expected in the fourth quarter of 2015.

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 188 MMboe ¹ (2.1 MMboe net to Lundin). 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.

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 and will be appraised during 2015.

Lundin Petroleum has an active ongoing exploration/appraisal programme in Norway. A total of 10 exploration/appraisal wells are scheduled to be drilled in 2015 which will be concentrated in two core areas, namely the Utsira High in North Sea and in the 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%
 PL546 Exploration 50% Lundin Petroleum  Bayerngas Norge 40%, Petrolia Norway AS 10%
 PL736S Exploration 15% Det norske  Det norske 65%, Norske ConocoPhilips 20%
Utsira High Area (UHA)
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
 (Johan Sverdrup)
Development
Exploration
10% Statoil ASA  Statoil ASA 40%, Petoro 30%,
 Det Norske Oljeselskap 20%
 PL338
 (Edvard Grieg, Apollo)
Development
Exploration
50% Lundin Petroleum  OMV 20%, Wintershall 15%, Statoil ASA 15%
 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 82.352%¹ Lundin Petroleum  Statoil ASA 17.648%¹
 PL501
 (Johan Sverdrup)
Development
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  Bayerngas Norge 30%, Explora Petroleum 30%
 PL625 Exploration 40% Lundin Petroleum  Bayerngas Norge 20%,  Maersk Oil 20%,
 Petoro 20%
 PL673 Exploration 60% VN Norge  VNG Norge 40%
 PL674 Exploration 15% E.ON  E.ON 50%, Petrolia Norway 35%
 PL674BS Exploration 35% E.ON  Petrolia Norway 35%, E.ON 30%
 PL674CS Exploration 35% E.ON  Petrolia Norway 35%, E.ON 30%
 PL778 Exploration 40% Lundin Petroleum  Centrica Resources 20%, Det Norske Oljeselskap 20%, 
  Wintershall 20%
 PL779 Exploration 20% VN Norge  VNG Norge 40%, Fortis Petroleum 20%,
 Suncor Energy 20%
Barents Sea Area
 PL438 Exploration 25% Lundin Petroleum  RWE-Dea 20%, Petoro 20%, Tullow Oil 17.5%,
 Det norske 10%, Explora Petroleum 7.5%
 PL490 Exploration 50% Lundin Petroleum  Noreco 20%, Tullow Oil 30%
 PL492 (Gohta) Exploration 40% Lundin Petroleum  Det Norske Oljeselskap 40%,
 Noreco 20%
 PL533 Exploration 20% ENI  ENI 40%, RWE Dea 20%,
 Det Norske Oljeselskap 20%
 PL609 (Alta) Exploration 40% Lundin Petroleum  RWE Dea Norge AS 30%,
 Idemitsu Petroleum Norge AS 30%
 PL609b Exploration 40% Lundin Petroleum  RWE 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%, Rocksource Exploration 5%
 PL695 Exploration 40% Lundin Petroleum  Tullow Oil 40%, Petoro 20%
 PL708 Exploration 40% Lundin Petroleum  Edison 20%, Lukoil 20%, North Energy 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  Talisman 10%
 Gaupe (PL292) Production 40% BG Group  BG Group 60%
 PL006c (SE Tor) Exploration 75% Lundin Petroleum  Noreco 15%, Faroe Petroleum 10%
 PL148b Exploration 90% Lundin Petroleum  Talisman 10%
 PL292b Exploration 40% BG Group  BG Group 60%
 PL631 Exploration 60% Lundin Petroleum  Bayerngas Norge 30%,
 Fortis Petroleum 10%
 PL678S Exploration 20% Wintershall  Wintershall 35%, Det Norske 25%,
 Fortis Petroleum 20%
 PL678BS Exploration 20% Wintershall  Wintershall 35%, Det Norske 25%,
 Fortis Petroleum 20%
 PL678C Exploration 20% Wintershall  Wintershall 35%, Det Norske 25%,
 Fortis Petroleum 20%
 PL685 Exploration 20% Total  Total 40%, Bayerngas Norge 20%, Petoro 20%
 PL734 Exploration 30% Wintershall  Wintershall 40%, Centrica 30%
 PL741 Exploration 20% Shell  Shell 30%, VNG 20%, Petoro 30%
Møre Basin Area
 PL519 Exploration 40% Lundin Petroleum  Noreco 20%,  Tullow Oil 20%, Bayerngas Norge 10%,
 Fortis Petroleum 10%
 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
 PL584 Exploration 60% Lundin Petroleum  Bayerngas Norge 40%
 PL653 Exploration 30% RWE Dea Norge  RWE Dea 40%, Det norske 30%
 PL694 Exploration 20% RWE Dea Norge  RWE Dea 40%, Det norske 20%,  Petoro 20%
 PL700 Exploration 40% Lundin Petroleum  Bayerngas Norge 20%, GDF Suez 20%, VNG Norge 20%
 PL700B Exploration 40% Lundin Petroleum  Bayerngas Norge 20%, GDF Suez 20%, VNG Norge 20%
 ¹ Subject to government approval

 

 
   

FRANCE


» 19 licences
  - 14 production
  -  5 exploration
» Net reserves 21.1 MMboe

NORWAY


» 65 licences
  - 7 production
  - 4 development
  - 54 exploration
» Net reserves 148.7 MMboe

NETHERLANDS


» 21 licences
  -  18 production
  -  3 exploration
» Net reserves 2.5 MMboe

RUSSIA


» 1 exploration licence
 

INDONESIA


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

MALAYSIA


» 7 exploration licences
» Net reserves 13.8 MMboe