Lundin Petroleum had 726.3 million barrels oil equivalent (MMboe) of reserves at the end of 2017.
Lundin Petroleum is predominantly an oil company with 96 percent of its reserves being oil and 77 percent of the reserves being located in Johan Sverdrup field.
|Reserves End 2016||714.1 MMboe|
|– 2016 Production
– Sales / + Acquisitions
|Reserves End 2017||726.3 MMboe|
|The reserves were calculated using a Brent oil price in real 2016 terms of USD 50 per barrel in 2016, 62 in 2017, 66 in 2018, 72 in 2019, and 75 thereafter.|
Contingent resources are known oil and gas resources not yet classified as reserves due to one or more contingencies. Work is continuously on going to remove these contingencies and to move contingent resources to reserves.
Lundin Petroleum has assets classified as contingent resources with “best case” or 2C. Contingent resource estimates have been evaluated internally by a qualified reserves auditor in accordance with 2007 Petroleum Resources Management System (PRMS) Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE).
Lundin Petroleum has assets classified as contingent resources with “Best Case”(2C) of 203 MMboe (end 2017).
Lundin Petroleum’s business model is to grow organically through exploration. This means identifying and maturing exploration targets, drill exploration wells, appraise discoveries, develop and finally produce. To be successful with this strategy access to world class exploration acreage and first class people is needed.
In Norway the Utsira High area in the North Sea and the Loppa High area in the southern Barents Sea have become key exploration areas where Lundin Petroleum has established a leading edge in terms of subsurface knowledge.
Since 2007 Lundin Petroleum has been the most successful operator on the Norwegian Continental Shelf in terms of discovered resources including significant discoveries such as Johan Sverdrup and Edvard Grieg on the Utsira High and Alta and Gohta on the Loppa High.
Lundin Petroleum only discloses prospective resource estimates for those prospects that will be drilled in the following year. However, many more prospects and leads have been identified from the large exploration licence portfolio and are being matured to be drilled in future years.