Lundin Petroleum’s exploration and production activities create more than just shareholder value.
Oil and gas products are fundamental to modern societies and are present in many aspects of our daily life.
Oil and gas in our society
Oil continues to be the fuel of choice for power and transportation as well as a component for many products and consumer goods. Oil remains the primary source of world energy consumption and is estimated to remain so for decades to come. Making new discoveries is Lundin Petroleum’s core competence and its oil discoveries are expected to contibute to the world’s oil supply for the next 50 years to come.
Contributions to society
An oil discovery is a great economic resource which creates wealth and jobs, benefiting all of Lundin Petroleum’s stakeholders, not only shareholders but local communities and society as a whole. One of the main financial contributions to society comes through taxes, paid in the form of corporate and production tax on sales proceeds from oil and gas production. In Norway for example, where the petroleum production tax is set at 78 percent, the giant Johan Sverdrup discovery is expected to generate more than USD 150 billion in tax revenues during the life of the field.
Over the years, Lundin Petroleum has funded a significant number of sustainable investments and community development projects, primarily associated to its core areas of operations. Contributions have been made to various social, educational and environmental projects and organisations, for example support to research institutes (Institut Teknologi Bandung in Indonesia, Institut Français du Pétrole in France), SOS Children Villages and conservation agenciesin Astrakhan and Western Siberia, Russia. In addition, Lundin Petroleum has sponsored various initiatives that encourage a healthy lifestyle among its employees while at the same contributing to a social cause.For example, in 2014 Lundin Petroleum supported the participation of employees in different running events that contributed to Unicef and other charity organisations raising funds for sick children.