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Lundin Norway

Norway

Address: Strandveien 50 D, 1366 Lysaker, Norway

Tel: +47 67 10 72 50

Web: www.lundin-petroleum.com

Company description

Lundin Petroleum is an independent Swedish oil and gas exploration and production company. Production is generated from assets in Norway, France, Tunisia, Netherlands, Russian Federation and Indonesia. In addition there is significant upside potential within these areas of operation including undeveloped oil and gas discoveries and ongoing exploration programmes. Together with the exploration assets in Malaysia, Congo (Brazzaville) and Ireland, Lundin Petroleum has a balanced portfolio of world-class assets. Lundin Petroleum has existing proven and probable reserves of 211 million barrels of oil equivalent (MMboe) and a forecast net production range for 2012 of 33,000-37,000 barrels of oil equivalent per day (boepd).

Products and services

Norway is Lundin Petroleum's principal area of operations with reserves of 162.2 MMboe, representing 75 percent of its total reserves and 75 percent of the production. Lundin Petroleum also has an extensive portfolio of prospective exploration licences on the Norwegian Continental Shelf including the Barents Sea. A giant oil discovery was made on the Johan Sverdrup structure with estimated 1.7-3.3 billion boe of gross recoverable contingent resources. Appraisal and exploration activities during 2012 will further prove up the Johan Sverdrup area. Further discoveries have been made in Norway on the Apollo, Caterpillar and Skalle prospects during 2011. During 2012, eight new exploration wells are expected to be drilled, including two wells in the Barents Sea. Several development projects are currently in the pipeline which will increase the production. The PDO for the Brynhild development received approval in November 2011 and first oil expected in late 2013. The Edvard Grieg discovery has net proven and probable (2P) reserves of 93 MMboe. The PDO for Edvard Grieg was approved in June 2012. First oil is expected in late 2015. The PDO for the Bøyla subsea development was submitted in June 2012. The Alvheim field which came on stream in 2008 is still producing above expectations. The Volund field which came on stream in 2010 through a tie-back to the Alvheim FPSO is also producing over expectations. Oil production from the Gaupe field commenced in late march 2012.
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