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History

Lundin family have been involved in oil exploration and production for forty years. Lundin Energy can trace its roots back to the early eighties in the form of International Petroleum, then International Petroleum Corporation (IPC), followed by Lundin Oil in the late nineties before emerging as Lundin Petroleum in 2001. In 2020, Lundin Petroleum changed its name to Lundin Energy to better reflect what the Company is doing as an explorer and producer today, and its role in supplying the energy transition with the most sustainable oil and gas production possible, as well as being an essential part of the future energy mix.

The following presentation outlines the major events in the history of Lundin Energy from the early 80s through to the present day.

  • 1981

    Lundin 1981


    International Petroleum is founded by Adolf H. Lundin with exploration assets in the Middle East, Texas and the Bay of Biscay.

  • 1983

    Lundin 1983


    International Petroleum commences production of the Saleh field, offshore U.A.E.

    1983

  • 1986

    Lundin 1986


    International Petroleum Corporation (IPC) discovers the Bukha field, offshore Oman. The discovery well flows in excess of 2,000 bopd and 22 MMscf gas. The discovery is appraised and declared commercial in 1989.

  • 1988

    Lundin 1988


    The Pandora gas field is discovered by IPC, offshore Papua New Guinea.

    1988

  • 1991

    Lundin 1991


    The Bunga Orkid field, offshore Malaysia is discovered by IPC, flowing 4,900 bopd and 47.5 MMscf gas. A further two discoveries are made on Bunga Pakma and Bunga Raya.

  • 1993

    Lundin 1993


    IPC acquires 100% ownership of the Welton field and satellite fields together with processing facilities, onshore United Kingdom. The Welton field is the second largest onshore field in the United Kingdom and the company successfully implements a well optimisation programme which results in a significant increase in production levels.

    1993

  • 1994

    Lundin 1994


    In July 1992, IPC, as field operator, receives approval to develop the Bukha field, the first offshore field in Oman. Facilities include the installation of an offshore platform and a 35 km pipeline to the RAKGAS processing plant. The project is successfully completed in April 1994.

  • 1994

    Lundin 1994


    IPC makes a further discovery on Bunga Kekwa in Malaysia/Vietnam. The well flows 10,200 bopd and 179 MMscfpd.

    1994

  • 1995

    Lundin 1995


    Adolf H. Lundin becomes the largest shareholder in Sands Petroleum AB in April 1995. In October of the same year Sands acquires Neste Oy’s North Sea interests which include 8 producing fields (including Ninian, Claymore, Nelson and Brae), a field development and a number of exploration licences together with infrastructure ownership.

  • 1997

    Lundin 1997


    IPC commences oil production from Bunga Kekwa, offshore Malaysia/Vietnam. Phase 1 facilities consists of a light-weight platform with three production wells tied back to a FPSO. Initial production is in excess of 13,000 boepd.

    1997

  • 1997

    Lundin 1997


    IPC and Sands Petroleum merge to form Lundin Oil AB. Following the merger Lundin Oil has reserves of 158 MMboe, producing assets in Malaysia/Vietnam and the UK and operations in a further six countries around the globe.

  • 1998

    Lundin 1998


    Lundin Oil discovers the En Naga North field in Block NC177 located in the Sirte Basin in Libya. Another oil accumulation to the west is discovered in 1999. The combined reserves of the En Naga North and West field is 100 MMboe.

    1998

  • 2000

    Lundin 2000


    The Phase 2 development of Block PM-3, offshore Malaysia/Vietnam is initiated with the signing of a gas sales agreement. Phase 2 is designed to integrate the Bunga Kekwa, Bunga Seroja and Bunga Raya fields to produce 40,000 bopd and 250 MMscfpd. The planned development includes a number of platforms and interfield pipelines tied back to a central processing platform.

  • 2000

    Lundin 2000


    Lundin Oil acquires Red Sea Oil Corporation. The acquisition gives Lundin Oil 100% ownership of the En Naga North and West fields, which contain 100 MMbo and are located in Sirte Basin in Libya.

    2000

  • 2001

    Lundin 2001


    Lundin Oil, as operator, makes a new oil discovery on the Thar Jath prospect located in Block 5A, southern Sudan. The discovery well flows 4,260 bopd. Following an appraisal programme, proven and probable gross reserves are booked at 149 MMbo.

  • 2001

    Lundin 2001


    Lundin Oil sells Libya assets, En Naga North and West fields, to Petro Canada.

    2001

  • 2001

    Lundin 2001


    Lundin Oil’s success story culminates in a takeover by Talisman Energy in a deal valued at USD 470 million.

  • 2001

    Lundin 2001


    Lundin Petroleum AB is formed as a result of the takeover of Lundin Oil AB by Canadian independent Talisman Energy. With the management and corporate technical team from Lundin Oil and exploration assets in Sudan, Iran and an equity investment in Russian oil company KMOC, Lundin Petroleum is listed on the New Market in Sweden in September 2001.

    2001

  • 2002

    Lundin 2002


    Lundin Petroleum acquires Coparex International from BNP Paribas for USD 172.5 million adding exploration and production assets in France, Netherlands, Tunisia, Venezuela, Indonesia and Albania to the existing portfolio. The acquisition transforms Lundin Petroleum from a pure exploration company into an important E&P player with production of approximately 16,000 boepd.

  • 2003

    Lundin 2003


    In early 2003, Lundin Petroleum takes its first step onto the Norwegian Continental shelf by acquiring 75 percent of the shareholding in OER oil, a Norwegian E&P company for NOK 30 million.

    2003

  • 2003

    Lundin 2003


    In the summer of 2003, Lundin Petroleum sells its working interest in Block 5A in Sudan to Petronas Carigali for USD 142.5 million.

  • 2003

    Lundin 2003


    In 2003 Lundin Petroleum agrees to acquire a portfolio of producing assets in the UK, Ireland and Norway from DNO AS for USD 165 million.

    2003

  • 2004

    Lundin 2004


    With the completion of the DNO acquisition, Lundin Petroleum’s reserves double to 137 million boe and production is boosted to an average of 28,900 boepd. In August 2004 the Broom project, a satellite field to the Heather field offshore UK, comes on stream with gross production reaching in excess of 25,000 boepd from 3 wells.

  • 2004

    Lundin 2004


    In September 2004 the development plan for the 220 million boe Alvheim Project in Norway is approved.

    2004

  • 2006

    Lundin 2006


    The founder and Honorary Chairman of Lundin Petroleum, Adolf H. Lundin, passes away in September 2006 at the age of 73. He was a pioneer in the oil and mining industries whose vision was instrumental in the success of Lundin Petroleum and many other companies in the natural resource sectors.

  • 2006

    Lundin 2006


    Lundin Petroleum acquires Valkyries Petroleum in an all share transaction. Valkyries assets include interests in four producing fields as well as the Lagansky exploration block located in the Caspian Sea.

    2006

  • 2006

    Lundin 2006


    In Tunisia, the Oudna field is successfully completed and comes on stream in November 2006. The field consists of one production well supported by a water injection well, both tied back to the Ikdam FPSO. The total production by year end reaches 40,000 boepd.

  • 2007

    Lundin 2007


    The Luno discovery is made offshore Norway with proven and probable reserves of 95 million boe with further upside potential to be appraised. Following an appraisal programme reserves were later increased to 207 MMboe. The field is later renamed Edvard Grieg.

    2007

  • 2008

    Lundin 2008


    First oil from the Alvheim field is produced in June 2008. The field has a gross ultimate recovery of over 320 MMboe and had a gross plateau production in excess of 90,000 boepd.

  • 2008

    Lundin 2008


    A major new oil discovery is made in Russia on the Morskaya prospect located in the Caspian Sea.

    2008

  • 2009

    Lundin 2009


    A further three discoveries are made in the Greater Alvheim area in Norway; Viper, South Kneler and Marihøne (now renamed Bøyla).

  • 2010

    Lundin 2010


    Lundin Petroleum spins-off its UK business into a newly formed company, EnQuest. EnQuest acquired the UK oil and gas production, development and exploration assets and operations of both Lundin Petroleum and Petrofac Limited, a London listed company. Lundin Petroleum received 55 percent of the shares of EnQuest which were distributed to Lundin Petroleum shareholders.

    2010

  • 2010

    Lundin 2010


    In Norway the Volund field, which is tied back to the Alvheim facilities, commences production at a gross rate of 10,000 bopd. Plateau production is expected to be 25,000 bopd gross.

  • 2010

    Lundin 2010


    In September 2010 an exploration well offshore Norway on the Avaldsnes prospect results in a giant oil discovery. The discovery well flows approximately 5,000 bopd of good quality oil and, following two appraisal wells, is estimated to contain gross contingent resources of 800 MMboe – 1.8 billion boe within licence PL501.

    2010

  • 2010

    Lundin 2010


    A further oil discovery is made in Norway on the Apollo prospect located 4 kilometres north west of the Luno field.

  • 2011

    Lundin 2011


    2011 continues on a positive trend with discoveries in Norway and Malaysia. In Norway, oil discoveries are made on the Caterpillar and Tellus and a gas discovery is made in the Barents Sea on the Skalle prospect. In Malaysia, the first two wells offshore Sabah result in gas discoveries. A further oil discovery is made on the Janglau prospect offshore Peninsular Malaysia.

    2011

  • 2011

    Lundin 2011


    A significant oil discovery is made in Norway on the Aldous MS prospect, a continuation of the Avaldsnes discovery made in 2010 (both renamed Johan Sverdrup). Following appraisal wells on Johan Sverdrup the resource estimates are revised upwards. Gross reserves are estimated to be between 1.65 and 3.0 billion boe for the combined field.

  • 2012

    Lundin 2012


    Appraisal drilling on the Johan Sverdrup discovery continues throughout 2012. Six discoveries are made during the year; Geitungen and Salina in Norway, Tembakau and Berangan in Malaysia and two further discoveries in France and the Netherlands. In Norway PDO approvals are granted for the Edvard Grieg and Bøyla developments and the Gaupe field comes onstream.

    2012

  • 2013

    Lundin 2013


    A further seven appraisal wells are drilled on the Johan Sverdrup discovery during 2013. Two discoveries are made in Norway; Luno II in the Utsira High Area and Gohta in the Barents Sea. The construction of the facilities for the Edvard Grieg project continues throughout the year. In Malaysia, PDO approval is granted for the Bertam development in licence PM307.

  • 2014

    Lundin 2014


    Johan Sverdrup appraisal programme completed and Phase 1 conceptual development plan is approved by partners. A significant new oil discovery is made on the Alta prospect located in the southern Barents Sea and first oil is produced from the Brynhild field in the North Sea.

    2014

  • 2015

    Lundin 2015


    The PDO for Phase 1 of the giant Johan Sverdrup development receives final approval in August 2015. Following the PDO approval, net 2P reserves of 515 MMboe with a licence interest of 22.60 percent are allocated to the field. Phase 1 of the development is scheduled to come onstream in late 2019.

  • 2015

    Lundin 2015


    Three fields deliver first production during 2015. The Bøyla (Norway) and Bertam (Malaysia) fields come onstream in the early part of the year. The major event of the year is first oil from the Lundin Norway operated Edvard Grieg field in November.

    2015

  • 2015

    Lundin 2015


    Alex Schneiter is appointed President and Chief Executive Officer of Lundin Petroleum following Ashley Heppenstall’s decision to step down from his executive position with the Company.

  • 2016

    Lundin 2016


    Lundin Petroleum acquires an additional 15% interest in the Edvard Grieg field from Statoil.

    2016

  • 2017

    Lundin 2017


    Lundin Petroleum spins-off its non-Norwegian producing assets into a newly formed company called International Petroleum Corporation (“IPC”). Shares in IPC are distributed to Lundin Petroleum’s shareholders.

  • 2017

    Lundin 2017


    Concept selection for Phase 2 of the Johan Sverdrup development is announced along with news of significant project cost reductions, an increase in production capacity and an increase in resources. A significant milestone is reached with the installation of the first jacket.

    2017

  • 2018

    Lundin 2018


    Lundin Petroleum makes its first cash dividend payment to shareholders.

  • 2018

    Lundin 2018


    In a key installation phase for the Johan Sverdrup project, three jackets, two topsides, one bridge, 400 km of pipelines and 200 km of cables are installed.

    2018

  • 2018

    Lundin 2018


    Two discoveries are made in the North Sea during 2018 – the Frosk discovery is located in the Alvheim Area and Lille Prinsen discovery is in the Utsira High Area.

  • 2019

    Lundin 2019


    A significant milestone for the company is reached with the start-up of Phase 1 of the Johan Sverdrup field in October 2019.

    2019

  • 2020

    Lundin 2020


    Lundin Petroleum formalises  its Decarbonisation Strategy with the ambition to achieve carbon neutrality by 2030.

  • 2020

    Lundin 2020


    Lundin Petroleum changes its name to Lundin Energy in accordance with its Decarbonisation Strategy, reflecting the aim to play an important part in the future energy mix.

    2020

ABOUT US


Vision & strategy
History
Corporate governance
Guiding principles
Articles of association
Remuneration
Long-term incentive plan
Nomination committee
Internal control
Risk management
Statutory auditor
Sudan legal case
Shareholders’ meetings
Previous shareholders’ meetings
Board of directors
Board duties & committees
Senior management
Management duties
Sponsorships
Lundin people
Employment

 

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