Lundin Energy

The Lundin Foundation

The Lundin Foundation established and funded by the Lundin Group of Companies. As part of its wider decarbonisation strategy, Lundin Energy currently supports seven start-ups and accelerators in low-carbon technology and innovation through the Lundin Foundation. One of these is Ocean Harvesting Technologies (OHT), a pre-commercial wave energy company that explores the use of wave energy converters (WECs) used to cut emissions from oil and gas production at sea. Lundin Energy is currently involved in a project with OHT on its Edvard Grieg field, to explore the potential of using wave energy to decarbonise production of oil and gas on platforms. If successful, it could be used to decarbonise platforms far from shore.

Lundin Energy also supports Evoy, a company that develops 100% electric motor systems for high-speed boats which has the potential of reducing emissions in the boating industry. Lundin Energy further support Katapult Climate with its Climate Accelerator Program that targets innovative tech entrepreneurs that advance zero and low carbon solutions at scale.

History

Lundin has been involved in oil exploration and production for over thirty years. Lundin Petroleum can trace its roots back to the early eighties in the form of International Petroleum, then International Petroleum Corporation, followed by Lundin Oil in the late nineties before emerging as Lundin Petroleum in 2001 and becoming Lundin Energy in 2020.

The company was formed in 2001 following the takeover of Lundin Oil AB by Canadian independent Talisman Energy, Lundin Petroleum AB is a Swedish oil company traded on the Stockholm Stock Exchange. In the summer of 2003, Lundin Petroleum sold its working interest in Block 5A to Petronas Carigali for US$142.5 million. In 1998 the company discovered the En Naga North and West field in southern part of the Sirte Basin, Libya. After a successful appraisal program in 1998 and 1999 the field was declared. The commercial and development program commenced. Development included the construction of a central production facility, 100 km pipeline together with the drilling of 20 production, 15 injector and 15 water supply wells. Recoverable reserves were estimated to be approximately 100 million barrels (16 million cubic metres) of oil equivalent. In Tunisia, the Oudna field development (Lundin Petroleum 40% working interest) was successfully completed and production commenced in November 2006.

In 2002, Lundin Petroleum acquired Coparex International from BNP Paribas, adding exploration and production assets in France, Netherlands, Tunisia, Venezuela, Indonesia and Albania to the existing portfolio. The acquisition transformed Lundin Petroleum from a pure exploration company into a larger E&P player. In early 2003, Lundin Petroleum entered Norway for the first time by acquiring 75 percent of the shareholding in Norwegian OER oil. In 2004, Lundin Petroleum acquired a portfolio of producing assets in the UK from DNO AS, doubling Lundin Petroleum's reserves to 21.9 million m3 (138 million bbl) of oil equivalent and increased production to 4,590 cubic metres (28,900 bbl) per day of oil equivalent.

In April 2010 it demerged its assets on the United Kingdom Continental Shelf into Petrofac's Energy Developments unit to form the stand-alone company EnQuest.

In 2010, Lundin Petroleum made a large discovery on the Avaldsnes prospect in PL501 on the Utsira High in the North Sea, estimated to contain recoverable resources of 16 to 64 million m3 (100 to 400 million bbl) of oil equivalent. The discovery was later renamed Johan Sverdrup oil field.

In 2014, Lundin Petroleum made an oil and gas discovery on the Alta prospect in PL609 on the Loppa High in the southern Barents Sea. The discovery is located 20 km northeast of the Gohta discovery well and some 160 km from the Norwegian coast and is estimated to contain resources of 20 to 64 million m3 (125 to 400 million bbl) of oil equivalent.

Lundin Energy is fully focused on Norway where the company holds 89 licenses. Core areas are the Utsira High Area and Alvheim in the North Sea and the Loppa High in the southern Barents Sea.

In 2010, Lundin Energy discovered the Johan Sverdrup oil field, one of the largest oil discoveries ever made on the Norwegian continental shelf. Lundin Energy has a 20 percent working interest in the Johan Sverdrup oil field development project. Production from Phase 1 started on 5 October 2019 and reached plateau in April 2020, with plateau production of 535 thousand barrels (Mboepd) of oil per day. Phase 2 will add another processing platform to the field centre which is estimated to increase the processing capacity for the full field to 755 Mboepd. Phase 2 is scheduled to start production in 2022.

Another important part of Lundin Energy's production is the Edvard Grieg oil field, located in PL338 on the Utsira High in the central North Sea. The Edvard Grieg field was discovered in 2007 and started production in November 2015. Another production hub is in the Alvheim area, located in the central part of the North Sea, and production from the fields in this hub started in 2008, 2010 and 2015.

Lundin Energy is one of the largest operated acreage holders and has been one of the most active explorers in Norway over the past 10 years. In October 2021, Lundin Energy announced it had acquired an additional 25 percent working interest in the Wisting development, increasing Lundin Energy´s working interest to 35 percent. Wisting is set to be one of the largest development projects in the Barents sea over the next few years.