Developing oil and gas resources efficiently and responsibly
for a sustainable and low carbon energy future
Achieving excellence in all parts of our business is a key driving force for Lundin Petroleum. We apply the same professional and responsible approach to people, the environment and society as we do in our exploration and production of oil and gas.
Our success over the years comes from a focus on innovation and world class employees and our continued growth will depend on improving our sustainable practices. We integrate a responsible business conduct into all aspects of our day to day operations by:
A sustainable approach
Oil and gas makes up a large part of the world’s energy supply and will continue to do so for decades to come. The IEA projects that global energy demand will grow by 30 percent by 2040 and all types of energy will be needed in this future energy transition. It will be increasingly important to source the world’s limited resources in the most efficient and sustainable way possible in order to fight global climate change.
Since oil and gas will continue to play a key role in the future energy mix we believe that our industry must be part of the solution for making global energy systems sustainable for future generations.
Carbon efficient operations
The challenge that lies ahead is to continue to develop and produce oil and gas in the most carbon efficient way possible. Thanks to carbon mitigation technology and improved emissions management, Lundin Petroleum operates with one of the lowest carbon intensity levels in the industry.
With a strategic focus on Norway, we operate in a world class governance environment that gives us a competitive edge in providing low carbon intensity and responsibly managed energy resources which confirms our view that good business goes hand in hand with sustainable practices.
Responsible operations in the southern Barents Sea
The southern Barents Sea is one of Lundin Petroleum’s core operating areas in Norway. We have established a large acreage position there and see this as an exciting exploration area with significant resource potential.
Lundin Petroleum has made large discoveries in the Loppa High area and we are, along with Statoil, the biggest operator in the southern Barents Sea. We see high potential in the area and are hopeful it will extend Lundin Petroleum’s strong production growth profile well into the future.
Drilling in this region has been authorised by the Norwegian authorities since 1980 and follows comprehensive political and public consultations, as well as extensive environmental studies. Contrary to common perception, operating conditions in the southern Barents Sea are very similar to those in the North Sea and are often milder than in the Norwegian Sea. Lundin Petroleum operates in open, ice-free waters all year round.
We have long-term ambitions in the southern Barents Sea and a very active drilling programme which we will continue to carry out according to the highest possible industry standards of safety and environmental protection.
Facts on Lundin Petroleum’s operations in the southern Barents Sea
Normal operating conditions
• Shallow water depths
• Mild wind and waves
• Ice-free all year round
Strict regulatory environment
• No exploration within 50 km from ice edge
• Environmental impact assessments
• Robust emergency & oil spill response plans
Best available technology
• Rig for year round activities
• Highest safety standards
• Stand by vessels at rig location
Code of Conduct
We are committed to explore for and produce oil and gas in a safe and environmentally responsible manner for the long-term benefit of our shareholders and society.
Our Code of Conduct sets out the principles that all employees are required to follow, from the rig floor to Board level, to ensure that we meet that commitment.
Click on the Code of Conduct to download
We believe in transparency and report to our stakeholders the actions we take to meet our commitments. The reporting also gives us better visibility of our performance which helps us to continue improve our sustainable practices.