Lundin Energy is a Swedish oil and gas producer active in the production of natural gas and crude oil worldwide. In addition, the company is engaged in various exploration projects.
Lundin Energy has been in the oil and gas business for more than 40 years and is headquartered in Stockholm, Sweden. However, the company has only been known under its current name, Lundin Energy, since 2020.
Just before the turn of the year 2021/2022, it was published that Lundin Energy would in future be taken over by the Norwegian oil and gas group Aker BP.
Under various names from pure exploration company to oil and gas producer
The company was founded by Adolf H. Lundin in 1981 under the company name International Petroleum. International Petroleum initially operated as a pure exploration company in the Middle East, the Bay of Biscay and Texas.
The company changed its name in the following years, first to International Petroleum Corporation, then to Lundin Oil, until it began operating under the name Lundin Petroleum in 2001. During this time, the pure exploration company also became an oil and gas producer.
It was not until 2020 that Lundin Petroleum finally became Lundin Energy. To this day, research and exploration operations are an essential part of the Swedish company, alongside oil and gas production.
Oil and gas production
Today, Lundin Energy operates various oil and gas production facilities in Norway, Russia, France, the Netherlands, the United Kingdom, and Tunisia and Indonesia.
Since 2014, the company has been able to increase its reserves enormously. These consist of 90 percent oil reserves. Lundin Energy has actually increased its production eightfold since 2015 and further production increases are also planned for the next few years according to the forecast.
According to the company’s own statements, sustainable production is important to it, with a particular focus on environmental protection and safe operation.
Nevertheless, Lundin Energy came into disrepute in 2010 through a publication by journalist Kerstin Lundell. It alleged that the Swedish oil company, then known as Lundin Petroleum, had been involved in human trafficking in Africa. However, whether there was actually any truth to the accusations has not been conclusively clarified to date.
Exploration – still an important business area today
Lundin Energy started out as a pure exploration company. The company is now one of the most important Nordic oil and gas producers, but exploration and discovery of new resources have remained an important business area to this day.
Currently, Lundin Energy is engaged in various exploration projects in Ireland, Malaysia, Vietnam, Cambodia and Congo.
Shortly before the end of the year, it was announced that the Norwegian oil and gas group Aker BP will acquire the oil and gas business of Lundin Energy for around US$14 billion.