Lundin Petroleum

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Type Privately owned company
Founded 1981
Founder(s) Adolf H. Lundin
Headquarters Stockholm, Sweden
Key people C. Ashley Heppenstall (President and CEO)
Services Oil and gas exploration and production
Net income US $155.2 million (2011)
Total assets US $8 billion
Employees 316 (2011)[1]


Current Global Profile

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; the company also has exploration assets in Malaysia, Congo (Brazzaville) and Ireland. The company has existing proven and probable reserves of 211 million barrels of oil equivalent (MMboe) and a forecast net production range for 2012 of 32,000-38,000 barrels of oil equivalent per day (boepd), according to the Lundin website in July 2012.[2]

The company was founded by Adolf H. Lundin as International Petroleum in 1981, with exploration assets in the Middle East, Texas and the Bay of Biscay. The company commenced production of the Saleh field, offshore United Arab Emirates, in 1983. In 1995, Adolf Lundin became the largest shareholder in Sands Petroleum AB in April 1995; International Petroleum and Sands Petroleum merged in 1997 to form Lundin Oil AB. Following the merger Lundin Oil had reserves of 158 MMboe, producing assets in Malaysia/Vietnam and the UK and operations in a further six countries.[3]

Lundin Oil was sold to Talisman Energy for 4 billion Swedish krona in 2001; Lundin Petroleum in its current form was founded in the same year with about US $50 million of cash equity.[1]

Company Report Highlights

Lundin averaged production of 33,300 barrels of oil equivalent per day (boepd) in 2011, with total reserves climbing 21 percent relative to the previous year to 211 MMboe, according to the company's 2011 annual report. The company achieved a net profit of US $155.2 million and had an operating cash flow of US $676.2 million in 2011.[1]

Lundin also sold 12.4 MMboe during 2011 at an average price of USD 101.04 per barrel resulting in net sales of MUSD  1,257.7. Sales volumes for 2011 were 14 percent higher and the achieved oil price was 40 percent higher than in 2010, resulting in a 60 percent increase in oil and gas revenues.[1]

Global Snapshot


As of early 2012, Lundin was not a supporting company of EITI.[4]

UN Global Compact

Lundin Petroleum joined the United Nations Global Compact in May 2010.[5]

CSR Review

Lundin's corporate social responsibility (CSR) activities are outlined in its 2011 Annual Report[1], and include the following highlights:

  • Lundin Petroleum has supported SOS Children’s Villages, Sweden (SOS) from the start of its Corporate Donations Program in 2006. The company has contributed to children’s villages in operated (Indonesia, Tunisia) as well as non-operated (Vietnam, Cambodia) areas.
  • Lundin Tunisia contributes on an annual basis to the Association des Amis du Belvedère, which maintains a park situated the capital, Tunis. The association has initiated renewable energy projects, from solar to wind energy, and has introduced environmental protection projects such as the planting of trees and the recycling of waste.
  • In 2011, the company contributed to capacity projects in which it covered part of the fee for a Master’s Degree in Community Development student (South Sudan), covered the costs of the internship of a Petroleum Engineering student in each Malaysia and France, and established two scholarships at the Bandung Institute of Technology in Indonesia.

External Coverage

Lundin has faced intense scrutiny for its role in a violent conflict in southern Sudan's oil Block 5A, where the company was active between 1997 and 2003, which resulted in the violent displacement of local communities. The European Coalition on Oil in Sudan (ECOS) in June 2010 released an exhaustive report on Lundin's role in the conflict, alleging that Lundin Petroleum may have been complicit in "war crimes and crimes against humanity" in Block 5A.[6]

Main article: Lundin Operations in South Sudan


  1. 1.0 1.1 1.2 1.3 1.4 "Annual Report 2011, Lundin Petroleum, Retrieved 19 July 2012.
  2. "Operations, Lundin website, Retrieved 19 July 2012.
  3. "History, Lundin website, Retrieved 19 July 2012.
  4. "Stakeholders, EITI website, Retrieved 9 July 2012.
  5. "Global compact, Lundin website, Retrieved 19 July 2012.
  6. "The Legacy of Lundin, Petronas and OMV in Block 5A, Sudan 1997 - 2003, ECOS, June 2010.