Delivering Organic Value
Home-based in Stockholm, Sweden, Lundin is listed in Stockholm, Nasdaq and Toronto.
Managed by the Lundin familly, Lundin is an independent company focusing on oil and gas exploration and production with operations in nine countries.
Lundin‘s actual production is concentrated on six countries: France, Indonesia, Netherlands, Norway, Russia and Tunisia.
Beside the actual oil and gas fields in production, Lundin owns significant upside potential of undeveloped oil and gas discoveries.
With a balanced portfolio of assets, Lundin estimates for 2012:
– Proven and probable reserves of 211 million barrels of oil equivalent (boe)
– Production of 33,000 to 37,000 boe/d
In 2010 and 2011, Lundin made a significant discovery in the Norway Continental Shelf (NCS) with the Avaldsnes and Aldous propects renamed since Johan Sverdrup.
In parallel, Lundin also explored the Luna oil and gas field in the same area and since renamed Edvard Gried.
As result of these giant discoveries, Lundin is now focusing on two core areas: Europe and South East Asia.
Lundin Key Figures
– 2010 Revenues: $0,79 billion
– 2009 Revenues: $0,57 billion
– 2011 Earnings: $0,72 billion
– 2010 Earnings: $0,38 billion
– 2009 Earnings: $(0,5) billion
– 2011 Capital Expenditure: $0,54 billion
– 2010 Capital Expenditure: $0,54 billion
– 2009 Capital Expenditure: $0,56 billion
Lundin Projects and Business Highlights
With Johan Sverdrup and Edvard Grieg discoveries, Lundin changes scale.
As a result of these major discoveries in the Norwegian Continental Shelf, Norway represents the focal point of interest with reserves of 162.2 million boe, representing:
– 75 % of its total reserves
– 75 % of the production
In the Block PL 501 of Johan Sverdrup, Lundin owns 40% and in the block PL 265, 15%.
Giant Johan Sverdrup reserves are estimated to 1.7-3.3 billion boe of recoverable reserves.
Lundin and Statoil made an agreement for the unitization of the operations between the two blocks.
Edvard Grieg oil and gas field holds 93 million of net proven and probable reserves (2p).
In respect with the size of these discoveries, Lundin and Statoil cooperate to develop these fields on fast track.
Still, Lundin owns an extensive portfolio of licensees for prospective exploration in the Norwegian Continental Shelf up to the Barents Sea.
In this list Lundin is proceeding to an extensive exploratory drilling campaign on the Apollo, Caterpillar and Skalle prospects.
In South East Asia, Lundin concentrates its exploration efforts in:
– Malaysia, offshore the Sabah province
– Indonesia, where Lundin acquired six exploration licences.
The Edvard Grieg and Johan Sverdrup oil and gas fields are very promising for Lundin and its partners but their development will request more than $10 billion capital expenditure, requiring Lundin to concentrate its resources to keep a leading role.