Svenska Petroleum Exploration AB
Encyclopedia
Svenska Petroleum Exploration AB is a private Swedish oil company engaged in offshore exploration and production of oil and gas fields worldwide. Its exploration activities are focused on the countries in West Africa
, the North Sea as well as the Baltic region. Production operations are currently (2010) based in Angola
and the Ivory Coast.
, Boliden
, Gränges
and Sydkraft
) to respond to the vast potential of a growing market. The company’s mission was of national concern and thus sought to explore and produce hydrocarbons in Sweden. In 1973, a second initiative, Petroswede, was established. Also based on a 50/50 state-private ownership structure, Petroswede’s objective was to search for new opportunities beyond the shores of Sweden. In 1979, the state-owned refining & marketing company Svenska Petroleum acquired parts of Petroswede and launched the new company in the name of Svenska Petroleum Exploration. Svenska entered into an agreement with OPAB to operate all of its fields and take over staff and premises.
In 1986 Svenska Petroleum and Oljekonsumenternas Förbund (OK Union) merged and created OK Petroleum (OKP). In 1991 the Swedish State's interest was sold to OKP which becomes the sole owner of the company. In 1994 Sheikh Mohammed H. Al Amoudi acquired OKP through his investment company Moroncha Holdings and in 1996 OKP became Preem Petroleum and divested its shares in Svenska to a newly established holding company that inherited the name Petroswede (through
Moroncha Holdings). OPAB became a wholly owned subsidiary of Svenska after the acquisition of Sydkraft’s shares.
Svenska has a diversified asset portfolio with offshore operations mainly in Norway
, Latvia
, Guinea Bissau, the Ivory Coast, Nigeria
, Congo
and Angola
.
West Africa
West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of West Africa:...
, the North Sea as well as the Baltic region. Production operations are currently (2010) based in Angola
Angola
Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...
and the Ivory Coast.
Overview
Svenska Petroleum Exploration (Svenska) dates back to 1969, when Oljeprospektering AB (OPAB ) was founded. OPAB was an initiative from the Swedish government and a number of Swedish private enterprises (AGAAGA
-Medicine:* Adequate, Appropriate or Average for Gestational Age, referring to prenatal growth rate* Anti-gliadin antibodies* Androgenetic alopecia* Aspartylglucosaminidase-Business:* AGA , Autogen Gasaccumulator AG, 1920's German car company...
, Boliden
Boliden
Boliden is a locality situated in Skellefteå Municipality, Västerbotten County, Sweden with 1,515 inhabitants in 2005. It lies 28,5 kilometers from Skellefteå City....
, Gränges
Granges
Granges may refer to:*The National Grange of the Order of Patrons of Husbandry , an agricultural organization*Granges, Saône-et-Loire, a commune in France*Granges, Switzerland, a municipality of the canton of Fribourg...
and Sydkraft
Sydkraft
E.ON Sverige AB, formerly known as Sydkraft, is Sweden's second largest utility company with an annual turnover of 42.9 billion Swedish Krona . The net profit for the 2008 fiscal year amounted to SEK 14.88 billion...
) to respond to the vast potential of a growing market. The company’s mission was of national concern and thus sought to explore and produce hydrocarbons in Sweden. In 1973, a second initiative, Petroswede, was established. Also based on a 50/50 state-private ownership structure, Petroswede’s objective was to search for new opportunities beyond the shores of Sweden. In 1979, the state-owned refining & marketing company Svenska Petroleum acquired parts of Petroswede and launched the new company in the name of Svenska Petroleum Exploration. Svenska entered into an agreement with OPAB to operate all of its fields and take over staff and premises.
In 1986 Svenska Petroleum and Oljekonsumenternas Förbund (OK Union) merged and created OK Petroleum (OKP). In 1991 the Swedish State's interest was sold to OKP which becomes the sole owner of the company. In 1994 Sheikh Mohammed H. Al Amoudi acquired OKP through his investment company Moroncha Holdings and in 1996 OKP became Preem Petroleum and divested its shares in Svenska to a newly established holding company that inherited the name Petroswede (through
Moroncha Holdings). OPAB became a wholly owned subsidiary of Svenska after the acquisition of Sydkraft’s shares.
Svenska has a diversified asset portfolio with offshore operations mainly in Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
, Latvia
Latvia
Latvia , officially the Republic of Latvia , is a country in the Baltic region of Northern Europe. It is bordered to the north by Estonia , to the south by Lithuania , to the east by the Russian Federation , to the southeast by Belarus and shares maritime borders to the west with Sweden...
, Guinea Bissau, the Ivory Coast, Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, Congo
Republic of the Congo
The Republic of the Congo , sometimes known locally as Congo-Brazzaville, is a state in Central Africa. It is bordered by Gabon, Cameroon, the Central African Republic, the Democratic Republic of the Congo , the Angolan exclave province of Cabinda, and the Gulf of Guinea.The region was dominated by...
and Angola
Angola
Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...
.