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

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.

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.

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.

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.

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.

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.

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.

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

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.

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

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.

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.

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.

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.

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

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.

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

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.

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.

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.

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.

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.

Lundin Petroleum makes its first cash dividend payment to shareholders.

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.

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