Lundin Petroleum

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Lundin Petroleum AB
Type Publicly traded Aktiebolag
Traded as OMXLUPE, TSXLUP
Industry Petroleum
Founded 2001
Founder(s) Adolf H. Lundin
Headquarters Stockholm, Sweden
Key people Ashley Heppenstall (President and CEO), Ian H. Lundin (Chairman)
Revenue US $798.6 million (2010)[1]
Operating income US $393.9 million (2010)[1]
Profit US $511.9 million (2010)[1]
Total assets US $2.429 billion (end 2010)[1]
Total equity US $997.8 million (end 2010)[1]
Employees 420 (end 2010)[1]
Website www.lundin-petroleum.com

Lundin Petroleum is an independent international petroleum company formed in 2001 and based in Sweden.

History[edit]

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 Exchange. 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.[2]

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.

Founder[edit]

Founder Adolf H. Lundin has founded also Lundin Mining in 1994.[3]

Criticism[edit]

In her book Affärer i blod och olja: Lundin Petroleum i Afrika[4] (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.[5]

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.[6][7]

Criticism has also been directed towards Minister for Foreign Affairs Carl Bildt, a former board member for the company, with oppositional voices questioning his suitability as foreign minister.[8][9]

Ethiopia arrested two Swedish journalist Johan Persson and Martin Schibbye and held them for 14 months before the release. Conflict Ethiopian Judicial Authority v Swedish journalists 2011 was caused as the journalist studied the human rights violation claims in Ogaden of an oil explorer in a case connected to Lundin Petroleum.[10]

References[edit]

  1. ^ a b c d e f "Annual Report 2010". Lundin Petroleum. Retrieved 13 April 2011. 
  2. ^ "Annual Report 2006". Lundin Petroleum. Retrieved 2011-10-21. 
  3. ^ Company History Lunding mining. Investors
  4. ^ Järtelius, Arne. "Blod och olja". Nationalencyklopedin. Retrieved 2011-10-21. 
  5. ^ Lundell, Kerstin (2010). Tystnadens triumf (2). Ordfront Magazine. 
  6. ^ "UNPAID DEBT The Legacy of Lundin, Petronas and OMV in Sudan, 1997-2003". European Coalition on Oil in Sudan. June 8, 2010. Retrieved 2011-10-21. 
  7. ^ Sudan Oilgate article on IPS
  8. ^ PM Nilsson, "Bildt måste gå", Expressen, 11 January 2007 (Swedish).
  9. ^ Fredrik Malm, "Bildt måste byta politik eller avgå", Expressen, 15 January 2007 (Swedish).
  10. ^ Reporters Without Borders hails Swedish journalists’ release Reporters Without Borders 10 September 2012

External links[edit]