Lundin Petroleum is an independent Swedish oil and gas exploration and production company. Production is generated from assets in Norway, France, Tunisia, Netherlands, Russia 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), Vietnam and Ireland, Lundin Petroleum has a balanced portfolio of world-class assets. Lundin Petroleum has existing proven and probable reserves of 187 million barrels of oil equivalent (MMboe) and a forecast net production range for 2011 of 31,000-34,000 barrels of oil equivalent per day (boepd).
Lundin Petroleum has interests in two exploration licences, Marine XI and XIV, offshore Congo. An exploration programme is currently ongoing on the blocks.
With 9 production licences the Paris Basin has proven and probable reserves of nearly 18.2 MMboe. Lundin Petroleum also holds 5 exploration licences in the Paris Basin. The Aquitaine Basin assets consist of 1 exploration licence and 5 producing fields. Proven and probable reserves are 4.1 MMboe. The operator is Vermillion.
Lundin Petroleum has an interest in the Singa gas field development which came onstream in 2010. 2P net reserves are 4.3 MMboe. With the signing of a new exploration licence in the Natuna Sea in March 2011, Lundin Petroleum now has interests in six exploration licences.
Lundin Petroleum has one exploration licence located offshore Ireland.
Lundin Petroleum has signed Production Sharing Contracts (PSCs) for the exploration and production of oil and gas in two licences located offshore Peninsular Malaysia and two offshore Sabah. Exploration drilling has commenced and the first two wells resulted in gas discoveries. 3 wells remain to be drilled in 2011.
The Netherlands is a mature gas region with stable offshore and onshore production offering attractive fiscal terms. Lundin Petroleum has proven and probable reserves of 3.6 MMboe.
Lundin Petroleum has a portfolio of exploration, production and development licences on the Norwegian Continental shelf including the Barents Sea. The 2P net reserves are 139.2 MMboe. Lundin Petroleum has a 15% interest in the Alvheim field which came on stream in 2008 and is producing above expectations. The Volund field came on stream in 2010 through a tie-back to the Alvheim FPSO. The PDO for the development of the Gaupe field was approved in June 2010 and is expected to come on stream in the end of 2011. The PDO for the Brynhild development was submitted in August 2011 and first oil is expected in the end of 2013. The Luno discovery made in 2007, has proven and probable reserves of 74 MMboe, net. The PDO is expected to be submitted in the end of 2011. A major oil discovery has been made on the Avaldsnes/Aldous prospect which is estimated to contain between 1.2 and 2.6 billion boe of gross recoverable resources. Appraisal and exploration activities during 2011/2012 will further prove up the Avaldsnes/Aldous area. Further discoveries have been made in Norway on the Apollo, Caterpillar,Tellus, Skalle and Earb South prospects.
Lundin Petroleum has an 70% interest in the Lagansky exploration block in the Caspian Sea. The first exploration well, Morskaya-1, resulted in a major oil discovery and tested a combined flow rate of 2,500 bopd. Other assets in Russia include an interest in the producing Sotchemyu-Talyu and North Irael Fields in the Komi Republic. Proved and probable reserves in Russia are 16.7 MMboe.
Lundin Petroleum has been producing from the Oudna field via an FPSO since 2006. Despite late life the field continues to produce at relatively stable rates. Proved and probable reserves in Tunisia are 0.5 MMboe.
Lundin Petroleum has an interest in Block 06/94 exploration licence in the Nam Con Son Basin, offshore southern Vietnam.