Lundin Petroleum
Encyclopedia
Lundin Petroleum is an independent international petroleum
company formed in 2001 and based in Sweden
.
. In the summer of 2003, Lundin Petroleum sold its working interest in Block 5A
to Petronas
Carigali for USD 142.5 million. In 1998 the company discovered the En Naga North and West field in southern part of the Sirte Basin
, Libya
. After a successful appraisal program in 1998 and 1999 the field was declared. The commercial and development program commenced. Development included the construction of a central production facility, 100 km pipeline together with the drilling of 20 production, 15 injector and 15 water supply wells. Recoverable reserves were estimated to be approximately 100 mmbbls
. In Tunisia
, the Oudna field development (Lundin Petroleum 40% working interest) was successfully completed and production commenced in November 2006.
In April 2010 it demerged
its assets on the United Kingdom Continental Shelf into Petrofac
's Energy Developments unit to form the stand-alone company EnQuest
.
In June 2010, ECOS (European Coalition on Oil in Sudan) published the report Unpaid Debt, which called upon the governments of Sweden, Austria and Malaysia to look into allegations that the companies Lundin, OMV
and Petronas
had broken international law whilst operating in Sudan
during the period 1997-2003.
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
company formed in 2001 and based in Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
.
History
The company was formed in 2001 following the takeover of Lundin Oil AB by Canadian independent Talisman Energy, Lundin Petroleum AB is a Swedish oil company traded on the Stockholm Stock ExchangeStockholm Stock Exchange
The Stockholm Stock Exchange is a stock exchange located in Stockholm, Sweden. Founded in 1863 it is the primary securities exchange of the Nordic Countries....
. In the summer of 2003, Lundin Petroleum sold its working interest in Block 5A
Block 5A, South Sudan
Block 5A is an oil concession in South Sudan.After oil field development began during the Second Sudanese Civil War, Block 5A was the scene of extensive fighting as rival militias struggled for control....
to Petronas
Petronas
PETRONAS, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company that was founded on August 17, 1974. Wholly owned by the Government of Malaysia, the corporation is vested with the entire oil and gas resources in Malaysia and is entrusted with the responsibility of developing and...
Carigali for USD 142.5 million. In 1998 the company discovered the En Naga North and West field in southern part of the Sirte Basin
Sirte Basin
The Sirte Basin is a late Mesozoic and Tertiary triple junction continental rift along northern Africa that was initiated during the late Jurassic Period. It borders a relatively stable Paleozoic craton and cratonic sag basins along its southern margins...
, Libya
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
. After a successful appraisal program in 1998 and 1999 the field was declared. The commercial and development program commenced. Development included the construction of a central production facility, 100 km pipeline together with the drilling of 20 production, 15 injector and 15 water supply wells. Recoverable reserves were estimated to be approximately 100 mmbbls
Barrel of oil equivalent
The barrel of oil equivalent is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The US Internal Revenue Service defines it as equal to 5.8 × 106 BTU...
. In Tunisia
Tunisia
Tunisia , officially the Tunisian RepublicThe long name of Tunisia in other languages used in the country is: , is the northernmost country in Africa. It is a Maghreb country and is bordered by Algeria to the west, Libya to the southeast, and the Mediterranean Sea to the north and east. Its area...
, the Oudna field development (Lundin Petroleum 40% working interest) was successfully completed and production commenced in November 2006.
In April 2010 it demerged
Demerger
Demerger is a form of corporate restructuring in which the an entity's business operations are segregated into one or more components. It is the converse of a merger or acquisition....
its assets on the United Kingdom Continental Shelf into Petrofac
Petrofac
Petrofac is an international provider of integrated facilities services to the oil, gas and energy production and processing industries. It is registered in Jersey , with its main corporate office in Jermyn Street, London. In addition it has major offices in Aberdeen, Mumbai, and Sharjah, and a...
's Energy Developments unit to form the stand-alone company EnQuest
EnQuest
EnQuest plc is an independent United Kingdom-based petroleum exploration and production company which operates exclusively in the United Kingdom Continental Shelf. EnQuest shares are included on the main list of the London Stock Exchange and the firm holds a secondary listing on Nasdaq OMX Stockholm...
.
Criticism
In her book Affärer i blod och olja: Lundin Petroleum i Afrika (Business in blood and oil: Lundin Petroleum in Africa) journalist Kerstin Lundell claims that the company had been complicit in several crimes against humanity, including death shootings and the burning of villages.In June 2010, ECOS (European Coalition on Oil in Sudan) published the report Unpaid Debt, which called upon the governments of Sweden, Austria and Malaysia to look into allegations that the companies Lundin, OMV
OMV
OMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
and Petronas
Petronas
PETRONAS, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company that was founded on August 17, 1974. Wholly owned by the Government of Malaysia, the corporation is vested with the entire oil and gas resources in Malaysia and is entrusted with the responsibility of developing and...
had broken international law whilst operating in Sudan
Sudan
Sudan , officially the Republic of the Sudan , is a country in North Africa, sometimes considered part of the Middle East politically. It is bordered by Egypt to the north, the Red Sea to the northeast, Eritrea and Ethiopia to the east, South Sudan to the south, the Central African Republic to the...
during the period 1997-2003.
External links
- Company profile at Bloomberg Businessweek
- "Sudan, Oil, and Human Rights", Human Rights WatchHuman Rights WatchHuman Rights Watch is an international non-governmental organization that conducts research and advocacy on human rights. Its headquarters are in New York City and it has offices in Berlin, Beirut, Brussels, Chicago, Geneva, Johannesburg, London, Los Angeles, Moscow, Paris, San Francisco, Tokyo,...
, September 2003, ISBN 1564322912.