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Lundin Petroleum oil and gas exploration summary

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Report summary

Lundin Petroleum is an independent Swedish oil and gas E&P company. Exploration had focused on two core regions, Europe and Southeast Asia, before it spun-off assets in Malaysia, France and the Netherlands into International Petroleum Corporation (IPC). The company is now fully focused on Norway, aiming to create stakeholder value through organically growing the resource base via exploration and development. Lundin's exploration strategy has successfully targeted conventional oil-led opportunities in basins with open access, material scale of undiscovered resource and favourable tax regimes. The discovery of the giant Johan Sverdrup field in 2010 has been transformational, building on the success of the large 2007 Edvard Grieg discovery that was also made in the maturing Norwegian North Sea.

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Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
  • Reserves and resources
    • Production from new field discoveries
    • Johan Sverdrup: a transformational asset

Tables and charts

This report includes 23 images and tables including:


  • Basins drilled and all conventional & unconventional discoveries 2007-2016
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Production: Image 1
  • Full cycle value creation by year
  • Exploration returns by year
  • Costs and development vlaue by resource category
  • Returns by water depth


  • Ten year performance summary
  • Top 40 discoveries (2007 to 2016)
  • Full-cycle economics
  • SWOT Grid
  • Gross exploration & appraisal wells by basin and sector

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