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. Six exploration wells are plannedin Norway for 2017, targeting over 500 MMboe of net unrisked prospective resources.
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.