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Lundin Energy

January 01, 1970

Lundin Energy (former Lundin Petroleum) was an independent oil and gas exploration and production company formed from Lundin Oil in 2001 and based in Sweden with focus on operations in Norway.

Lundin Energy AB
Company typePublicly traded Aktiebolag
Nasdaq Stockholm: LUNE
IndustryPetroleum
Founded2001; 23 years ago (2001)
FounderAdolf H. Lundin
HeadquartersStockholm, Sweden
Key people
Nick Walker (President and CEO)
Ian Lundin (Chairman)
Number of employees
448 (end 2020[1])
SubsidiariesThird Energy Onshore and Viking Oil and Gas
Websitewww.lundin-energy.com

Lundin Energy’s oil and gas business was purchased by Aker BP in July 2022 in a deal worth more than US$14 billion.[2] The rest of the company continues to operate as a pure renewable energy business under the new name of Orrön Energy.[3]

Lundin Energy had 107 million cubic metres (671 million barrels) of oil equivalent of proven plus probable reserves at the end of 2020[4] whereas contingent resources amounted to 44 million m3 (276 million bbl). The company's commercial success is overshadowed by a Swedish war crimes investigation into its past operations in Sudan. Chairman Ian Lundin and former CEO Alex Schneiter are the suspects of the preliminary investigation. In April 2020, the company changed its name from Lundin Petroleum AB to Lundin Energy AB.

Operations edit

Lundin Energy is fully focused on Norway where the company holds 89 licenses. Core areas are the Utsira High Area and Alvheim in the North Sea and the Loppa High in the southern Barents Sea.[5]

In 2010, Lundin Energy discovered the Johan Sverdrup oil field, one of the largest oil discoveries ever made on the Norwegian continental shelf. Lundin Energy has a 20 percent working interest in the Johan Sverdrup oil field development project.[6] Production from Phase 1 started on 5 October 2019 and reached plateau in April 2020, with plateau production of 535 thousand barrels (Mboepd) of oil per day.[7] Phase 2 will add another processing platform to the field centre which is estimated to increase the processing capacity for the full field to 755 Mboepd.[8] Phase 2 is scheduled to start production in 2022.[9]

Another important part of Lundin Energy's production is the Edvard Grieg oil field, located in PL338 on the Utsira High in the central North Sea. The Edvard Grieg field was discovered in 2007 and started production in November 2015.[10] Another production hub is in the Alvheim area, located in the central part of the North Sea, and production from the fields in this hub started in 2008, 2010 and 2015.

Lundin Energy is one of the largest operated acreage holders and has been one of the most active explorers in Norway over the past 10 years. In October 2021, Lundin Energy announced it had acquired an additional 25 percent working interest[11] in the Wisting development,[12] increasing Lundin Energy´s working interest to 35 percent. Wisting is set to be one of the largest development projects[13] in the Barents sea over the next few years.

Decarbonisation plan edit

Lundin Energy is investing MUSD 800 to achieve carbon neutrality by 2023[14] from operational emissions. As part of the decarbonization strategy, the company also replaced “Petroleum” with “Energy” in its name.[15]

Carbon capture projects edit

To neutralise the residual emissions, Lundin Energy is investing in carbon capture projects. In January 2021 they signed a partnership with Land Life Company,[16] to invest MUSD 35 in reforestation projects capturing approximately 2.6 million tonnes of CO2. Another partnership was signed with EcoPlanet Bamboo[17] in September 2021 where the company will invest MUSD 9 in sustainable bamboo plantations capturing approximately 1.7 million tonnes of CO2 over 10 years.

Carbon neutrally produced oil edit

In April 2021, Lundin Energy made the world´s first certified carbon-neutrally produced crude sale from its Edvard Grieg field.[18] The field was independently certified[19] by Intertek Group plc (Intertek), under its CarbonClear certification at 3.4 kg of CO2e per boe. '

Accusations of greenwashing edit

Lundin Energy's decarbonisation plan has been called greenwashing by environmental organizations.[20] Isadora Wronski, head of Greenpeace Sweden told CNBC in 2020 that “Ridding ‘Petroleum’ from the company name does not change the fact that Lundin is in the oil business and their product is one of the environmentally most harming products there is."[15]

The Lundin Foundation edit

The Lundin Foundation established and funded by the Lundin Group[21] of Companies. As part of its wider decarbonisation strategy, Lundin Energy currently supports seven start-ups and accelerators in low-carbon technology and innovation through the Lundin Foundation. One of these is Ocean Harvesting Technologies (OHT),[22] a pre-commercial wave energy company that explores the use of wave energy converters (WECs)[23] used to cut emissions from oil and gas production at sea. Lundin Energy is currently involved in a project with OHT on its Edvard Grieg field,[24] to explore the potential of using wave energy to decarbonise production of oil and gas on platforms. If successful, it could be used to decarbonise platforms far from shore.[25]

Lundin Energy also supports[26] Evoy,[27] a company that develops 100% electric motor systems for high-speed boats which has the potential of reducing emissions in the boating industry. Lundin Energy further support Katapult Climate[28] with its Climate Accelerator Program[29] that targets innovative tech entrepreneurs that advance zero and low carbon solutions at scale.

History edit

Lundin has been involved in oil exploration and production for over thirty years. Lundin Petroleum can trace its roots back to the early eighties in the form of International Petroleum, then International Petroleum Corporation, followed by Lundin Oil in the late nineties before emerging as Lundin Petroleum in 2001[30] and becoming Lundin Energy in 2020.

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 US$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 million barrels (16 million cubic metres) of oil equivalent. In Tunisia, the Oudna field development (Lundin Petroleum 40% working interest) was successfully completed and production commenced in November 2006.[31]

In 2002, Lundin Petroleum acquired Coparex International from BNP Paribas, adding exploration and production assets in France, Netherlands, Tunisia, Venezuela, Indonesia and Albania to the existing portfolio. The acquisition transformed Lundin Petroleum from a pure exploration company into a larger E&P player. In early 2003, Lundin Petroleum entered Norway for the first time by acquiring 75 percent of the shareholding in Norwegian OER oil.[30] In 2004, Lundin Petroleum acquired a portfolio of producing assets in the UK from DNO AS, doubling Lundin Petroleum's reserves to 21.9 million m3 (138 million bbl) of oil equivalent and increased production to 4,590 cubic metres (28,900 bbl) per day of oil equivalent.[30]

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.[citation needed]

In 2010, Lundin Petroleum made a large discovery on the Avaldsnes prospect in PL501 on the Utsira High in the North Sea, estimated to contain recoverable resources of 16 to 64 million m3 (100 to 400 million bbl) of oil equivalent. The discovery was later renamed Johan Sverdrup oil field.[32]

In 2014, Lundin Petroleum made an oil and gas discovery on the Alta prospect in PL609 on the Loppa High in the southern Barents Sea. The discovery is located 20 km northeast of the Gohta discovery well and some 160 km from the Norwegian coast and is estimated to contain resources of 20 to 64 million m3 (125 to 400 million bbl) of oil equivalent.[33]

In February 2015, it has started drilling exploration well 16/1-24, located in the Gemini prospect of the North Sea. The well is located in PL338C south-west of the Edvard Grieg field, offshore Norway. It will test the reservoir properties and hydrocarbon potential of Lower Paleocene aged sandstones of the Ty Formation. The Gemini prospect is estimated to contain unrisked, gross prospective resources of 14.8 million m3 (93 million bbl) of oil equivalent. The Island Innovator semi-submersible drilling rig will be used to drill the well to a planned total depth of 2,192m below mean sea level.[34][35] The Gemini exploration well was completed as a dry well in March 2015.[36]

In 2015, three field developments were completed and started production: the Bøyla field and the Edvard Grieg oil field in Norway and the Bertam field in Malaysia.[37]

In April 2017, Lundin Petroleum spun-off its producing assets outside of Norway into a new company called International Petroleum Corporation (IPC). Following the spin-off, Lundin Petroleum is a fully Norway focused company.[38]

Following the approval by the AGM 2020, the company changed its name from Lundin Petroleum to Lundin Energy, to better reflect its decarbonization strategy and broadening of its energy mix.[39]

Leadership edit

Founder Adolf H. Lundin also founded Lundin Mining in 1994.[40] Lundin died in 2006 at the age of 73.[41] In June 2015, Alex Schneiter was appointed president and chief executive officer of Lundin Petroleum, effective October 2015.[42] The Company announced the appointment of Nick Walker as the company's new president and CEO In August 2020, effective 1 January 2021.[43]

Accusations of complicity in war crimes edit

In her book Affärer i blod och olja: Lundin Petroleum i Afrika[44] (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.[45]

In June 2010, the European Coalition on Oil in Sudan (ECOS)[46] published the report Unpaid Debt,[47] which called upon the governments of Sweden, Austria and Malaysia to look into allegations that the companies Lundin Petroleum, OMV, and Petronas have been complicit in the commission of war crimes and crimes against humanity whilst operating in Block 5A, South Sudan (then Sudan) between 1997 and 2003. The reported crimes include indiscriminate attacks and intentional targeting of civilians, burning of shelters, pillage, destruction of objects necessary for survival, unlawful killing of civilians, rape of women, abduction of children, torture, and forced displacement. Approximately 12,000 people died and 160,000 were forcibly displaced from their land and homes, many forever. Satellite pictures taken between 1994 and 2003 show that the activities of the three oil companies in Sudan coincided with a spectacular drop in agricultural land use in their area of operation.[48]

Also in June 2010, the Swedish public prosecutor for international crimes opened a criminal investigation into links between Sweden and the reported crimes. In 2016, Lundin's Chairman Ian H. Lundin and CEO Alex Schneiter were informed that they were the suspects of the investigation. Sweden's Government gave the green light for the Public Prosecutor in October 2018 to indict the two top executives.[49] On 1 November 2018, the Swedish Prosecution Authority notified Lundin Petroleum that the company may be liable to a corporate fine and forfeiture of economic benefits of 3,285 million SEK (app. €315 million) for involvement in war crimes and crimes against humanity.[50] Consequently, the company itself will also be charged albeit indirectly, and will be legally represented in court. On 15 November 2018 the suspects were served with the draft charges and the case files.[51] In June 2020, the Swedish Prosecution Authority announced that the investigation was complete. ‘We believe we have sufficient grounds for a prosecution’, said Chief Prosecutor Henrik Attorps to Dagens Nyheter,[52] indicating a firm intention to take the case to court. Defence lawyers have been filing series of legal requests to end the investigation, that have all been denied by the Courts. In June 2021, the prosecutor wrote to the District Court of Stockholm that he planned to finish the investigation before July.

The Lundin case raises the issue of access to remedy and reparation for victims of human rights violations linked with business activities. Lundin Energy now endorses the UN Guiding Principles on Business and Human Rights, acknowledging the duty of business enterprises to contribute to effective remedy of adverse impact that it has caused or contributed to.[53] In May 2016, representatives of communities in Block 5A claimed their right to remedy and reparation and called upon Lundin and its shareholders to pay off their debt.[54] The company has denied responsibility and therefore has not yet provided remedies and reparations to the victims.

The company has never refuted publicly reported incriminating facts. Nor has it substantiated its claim that its activities contributed to the improvement of the lives of the people of Sudan.[55] It never showed an interest in the consequences of the oil war for the communities in its concession area. A shareholder proposal to adopt a human rights friendly legal strategy that takes into account the victims' right to access to justice and prompt redress, was almost unanimously rejected by the 2021 Annual General Meeting of the company. The company maintains a website about its activities in Sudan,[56] as well as one that is dedicated to the criminal case.[57]

Criticism has also been directed towards former Minister for Foreign Affairs Carl Bildt, a former board member for the company, responsible for ethics.[58][59] Ethiopia arrested the two Swedish journalists Johan Persson and Martin Schibbye and held them for 14 months before releasing them. Conflict Ethiopian Judicial Authority v Swedish journalists 2011 was caused as the journalist studied report of human rights violation in the Ogaden in connection with activities of Lundin Petroleum.[60]

As a corporation, Lundin has not yet been charged criminally. A criminal trial of this nature against Lundin would become a landmark case because of the novelty and complexity of the legal issues that the Swedish court will have to decide. On 23 May 2019, the T.M.C. Asser Institute for International Law in The Hague organized a Towards criminal liability of corporations for human rights violations: The Lundin case in Sweden.[61]

Thomas Alstrand from the Swedish Prosecution Authority in Gothenburg on 13 February 2019 announced that a second criminal investigation had been opened into threats and acts of violence against witnesses in the Lundin war crimes investigation.[62] They have allegedly been pressured not to testify in court. Several witnesses have been granted asylum in safe countries through UNHCR supported emergency protection procedures. The company has confirmed that its CEO and chairman have been officially informed by the prosecutor about the allegation, noting that it believes that it is completely unfounded. Witness tampering is usually intended to prevent the truth from being exposed in court. The second investigation into obstruction of justice seems to contradict the company's assertions of its good faith cooperation with the war crimes investigation.

On 11 November 2021, top executives Ian Lundin and Alex Schneiter were indicted in Stockholm District Court for abetting grave war crimes in Sudan. They risk life sentences if convicted.[63][64][65]

The Dutch peace organization PAX and Swedish NGO Global Idé will provide daily English language coverage of proceedings, expert analyses and comments on the website Unpaid Debt.[66]

References edit

  1. ^ "Lundin people".
  2. ^ "Aker BP completes $14bn acquisition of Lundin Energy's E&P business". Offshore Technology. 1 July 2022. Retrieved 12 February 2023.
  3. ^ "Lundin Energy changes its name to Orrön Energy". Orrön Energy. 1 July 2022. Retrieved 12 April 2024.
  4. ^ . Archived from the original on 19 November 2021. Retrieved 19 November 2021.
  5. ^ "Operations". Lundin Petroleum AB. Retrieved 15 December 2017.
  6. ^ "License Summary". Lundin Energy. Retrieved 26 May 2020.
  7. ^ "Increased plateau production at Johan Sverdrup". Lundin Energy. 30 March 2020. Retrieved 26 May 2020.
  8. ^ "Johan Sverdrup project". Lundin Energy. Retrieved 26 May 2020.
  9. ^ "Further improvements on the Johan Sverdrup project" (Press release). GlobeNewswire. 2017.
  10. ^ "First oil from the Edvard Grieg field, offshore Norway" (Press release). GlobeNewswire. 30 November 2015.
  11. ^ "Lundin Energy buys OMV stake in Norway's Wisting oilfield | Upstream Online". 29 October 2021.
  12. ^ "Wisting Oil Discovery, Barents Sea".
  13. ^ "Plenty of more oil in Barents Sea, says petroleum authority".
  14. ^ "Swedish Lundin Energy accelerates its carbon neutrality aim by 2 years".
  15. ^ a b Meredith, Sam (27 January 2020). "Oil major pledges to become carbon neutral by 2030, drawing sharp criticism from climate activists". CNBC. Retrieved 5 September 2023.
  16. ^ "Landlife".
  17. ^ EcoPlanet Bamboo website
  18. ^ "Norway-focused Lundin makes first-ever certified carbon-neutral crude sale | S&P Global Platts". 26 April 2021.
  19. ^ "Intertek issues world's first CarbonClear certification to Lundin Energy's Edvard Grieg Field, jointly demonstrating commitment to a low carbon energy future". 29 July 2020.
  20. ^ Sandin, Ossian (31 August 2021). "Lundin energy anmält för att marknadsföra koldioxidneutral oljeproduktion". Syre (in Swedish). Retrieved 5 September 2023.
  21. ^ Lundin Group
  22. ^ Ocean Harvesting Technologies
  23. ^ "Wave energy converters - Coastal Wiki".
  24. ^ "Lundin probes wave power for 'significant challenges' of offshore decarbonisation | Upstream Online". 29 April 2021.
  25. ^ "Ocean Harvesting commissions InfinityWEC test rig". 19 November 2021.
  26. ^ "Evoy raised NOK 9.5M from Lundin Foundation, Planet 9 Ventures, Link VC, Greenstat and Presttun AS".
  27. ^ https://www.evoy.no/
  28. ^ "Katapult announces its 2021 portfolio companies". 18 October 2021.
  29. ^ "Katapult Climate | Investing in climate tech startups".
  30. ^ a b c "History". Lundin Petroleum AB. Retrieved 15 December 2017.
  31. ^ "Annual Report 2006" (PDF). Lundin Petroleum. Retrieved 21 October 2011.
  32. ^ "Lundin Petroleum makes a significant discovery offshore Norway" (Press release). Globe Newswire. 17 September 2010.
  33. ^ "Lundin Petroleum finds oil and gas in the Alta well in PL609 in the Barents Sea" (Press release). Globe Newswire. 14 October 2014.
  34. ^ "Lundin Petroleum starts 16/1-24 exploration well drilling on Gemini prospect". 16 February 2015.
  35. ^ "Lundin spuds test well in offshore Norway Gemini prospect". Petro Global News. Retrieved 18 February 2015.
  36. ^ "The Gemini exploration well, offshore Norway has been completed as a dry well" (Press release). Globe Newswire. 17 March 2015.
  37. ^ "Annual Report 2015" (PDF). Lundin Petroleum AB. Retrieved 15 December 2017.
  38. ^ "Lundin Petroleum proposes spin-off of its non-Norwegian producing assets into an independent oil and gas company" (Press release). Globe Newswire. 13 February 2017.
  39. ^ "Lundin Petroleum changes name to Lundin Energy". Lundin Petroleum. 27 January 2020.
  40. ^ Company History Lunding mining. Investors
  41. ^ "History". Lundin Petroleum AB. Retrieved 15 December 2017.
  42. ^ "Alex Schneiter appointed as President and CEO of Lundin Petroleum". GlobeNewsWire (Press release). 22 June 2015.
  43. ^ "Lundin Energy Appoints New CEO". www.rigzone.com. Retrieved 20 August 2020.
  44. ^ Järtelius, Arne. "Blod och olja". Nationalencyklopedin. Retrieved 21 October 2011.
  45. ^ Lundell, Kerstin (2010). . Ordfront Magazine. Archived from the original on 22 August 2010.
  46. ^ "ECOS Database". European Coalition on Oil in Sudan.
  47. ^ "Unpaid Debt, The legacy of Lundin, Petronas, and OMV in Block 5A, Sudan, 1997-2003". European Coalition on Oil in Sudan. Retrieved 28 June 2019.
  48. ^ "Satellite mapping Block 5A" (PDF). Prins Engineering. 30 August 2009. Retrieved 28 June 2019.
  49. ^ "Lundin faces prosecution for Sudan oil war abuses". Justice Info. 23 October 2018. Retrieved 28 June 2019.
  50. ^ "Regulatory disclosure". Lundin Petroleum website. Retrieved 28 June 2018.
  51. ^ "Lundin Petroleum Receives Final Notice before Indictment". Retrieved 29 June 2019.
  52. ^ "Lundin investigation completed. Prosecutor: "Sufficient grounds for indictment"". Unpaid Debt. Retrieved 5 July 2021.
  53. ^ "Lundin Energy Human rights Policy". Retrieved 23 April 2020.
  54. ^ "Victim's Remedy Claim". Unpaid Debt. Retrieved 2 July 2018.
  55. ^ "Corporate Governance Report 2015" (PDF). Retrieved 28 June 2019.
  56. ^ "Lundin History in Sudan".
  57. ^ "Lundin Sudan Legal Case".
  58. ^ PM Nilsson, "Bildt måste gå" 2007-02-12 at the Wayback Machine, Expressen, 11 January 2007 (in Swedish).
  59. ^ Fredrik Malm, "Bildt måste byta politik eller avgå", Expressen, 15 January 2007 (in Swedish).
  60. ^ Reporters Without Borders hails Swedish journalists’ release Reporters Without Borders 10 September 2012
  61. ^ "Towards criminal liability of corporations for human rights violations: The Lundin case in Sweden". YouTube.
  62. ^ "Lundintoppar misstänks för anstiftan till övergrepp i rättssak" [Lundin top management suspected of perverting the course of justice]. Dagens Nyheter (in Swedish). 13 February 2019. Retrieved 28 June 2019.
  63. ^ "Sweden charges Lundin Energy executives with complicity in Sudan war crimes". Reuters. 11 November 2021. Retrieved 11 November 2021.
  64. ^ Sweden, Radio (11 November 2021). "Swedish oil representatives indicted on complicity in grave war crimes in Sudan". Sveriges Radio. Retrieved 11 November 2021.
  65. ^ "Prosecution for complicity in grave war crimes in Sudan". Åklagarmyndigheten. Retrieved 11 November 2021.
  66. ^ "Unpaid Debt".

External links edit

  • Official website
  • Bloomberg Businessweek.com: Company profile of Lundin Petroleum
  • Human Rights Watch.org: "Sudan, Oil, and Human Rights" — (September 2003, ISBN 1-56432-291-2)
  • EJIL: Talk! Blog of the European Journal of International Law "The Road Less Traveled: How Corporate Directors Could be Held Individually Liable in Sweden for Corporate Atrocity Crimes Abroad" – (13 November 2018)
  • Website by PAX dedicated to the case of Lundin Petroleum and its senior managers, OMV and Petronas
  • Website by Lundin Petroleum about the war crimes allegations
  • T.M.C. Asser Institute talk: Towards criminal liability of corporations for human rights violations: The Lundin case in Sweden

January 01, 1970
lundin, energy, this, article, reads, like, press, release, news, article, largely, based, routine, coverage, please, help, improve, this, article, independent, sources, october, 2023, former, lundin, petroleum, independent, exploration, production, company, f. This article reads like a press release or a news article and may be largely based on routine coverage Please help improve this article and add independent sources October 2023 Lundin Energy former Lundin Petroleum was an independent oil and gas exploration and production company formed from Lundin Oil in 2001 and based in Sweden with focus on operations in Norway Lundin Energy ABCompany typePublicly traded AktiebolagTraded asNasdaq Stockholm LUNEIndustryPetroleumFounded2001 23 years ago 2001 FounderAdolf H LundinHeadquartersStockholm SwedenKey peopleNick Walker President and CEO Ian Lundin Chairman Number of employees448 end 2020 1 SubsidiariesThird Energy Onshore and Viking Oil and GasWebsitewww lundin energy com Lundin Energy s oil and gas business was purchased by Aker BP in July 2022 in a deal worth more than US 14 billion 2 The rest of the company continues to operate as a pure renewable energy business under the new name of Orron Energy 3 Lundin Energy had 107 million cubic metres 671 million barrels of oil equivalent of proven plus probable reserves at the end of 2020 4 whereas contingent resources amounted to 44 million m3 276 million bbl The company s commercial success is overshadowed by a Swedish war crimes investigation into its past operations in Sudan Chairman Ian Lundin and former CEO Alex Schneiter are the suspects of the preliminary investigation In April 2020 the company changed its name from Lundin Petroleum AB to Lundin Energy AB Contents 1 Operations 2 Decarbonisation plan 2 1 Carbon capture projects 2 2 Carbon neutrally produced oil 2 3 Accusations of greenwashing 3 The Lundin Foundation 4 History 5 Leadership 6 Accusations of complicity in war crimes 7 References 8 External linksOperations editLundin Energy is fully focused on Norway where the company holds 89 licenses Core areas are the Utsira High Area and Alvheim in the North Sea and the Loppa High in the southern Barents Sea 5 In 2010 Lundin Energy discovered the Johan Sverdrup oil field one of the largest oil discoveries ever made on the Norwegian continental shelf Lundin Energy has a 20 percent working interest in the Johan Sverdrup oil field development project 6 Production from Phase 1 started on 5 October 2019 and reached plateau in April 2020 with plateau production of 535 thousand barrels Mboepd of oil per day 7 Phase 2 will add another processing platform to the field centre which is estimated to increase the processing capacity for the full field to 755 Mboepd 8 Phase 2 is scheduled to start production in 2022 9 Another important part of Lundin Energy s production is the Edvard Grieg oil field located in PL338 on the Utsira High in the central North Sea The Edvard Grieg field was discovered in 2007 and started production in November 2015 10 Another production hub is in the Alvheim area located in the central part of the North Sea and production from the fields in this hub started in 2008 2010 and 2015 Lundin Energy is one of the largest operated acreage holders and has been one of the most active explorers in Norway over the past 10 years In October 2021 Lundin Energy announced it had acquired an additional 25 percent working interest 11 in the Wisting development 12 increasing Lundin Energy s working interest to 35 percent Wisting is set to be one of the largest development projects 13 in the Barents sea over the next few years Decarbonisation plan editLundin Energy is investing MUSD 800 to achieve carbon neutrality by 2023 14 from operational emissions As part of the decarbonization strategy the company also replaced Petroleum with Energy in its name 15 Carbon capture projects edit To neutralise the residual emissions Lundin Energy is investing in carbon capture projects In January 2021 they signed a partnership with Land Life Company 16 to invest MUSD 35 in reforestation projects capturing approximately 2 6 million tonnes of CO2 Another partnership was signed with EcoPlanet Bamboo 17 in September 2021 where the company will invest MUSD 9 in sustainable bamboo plantations capturing approximately 1 7 million tonnes of CO2 over 10 years Carbon neutrally produced oil edit In April 2021 Lundin Energy made the world s first certified carbon neutrally produced crude sale from its Edvard Grieg field 18 The field was independently certified 19 by Intertek Group plc Intertek under its CarbonClear certification at 3 4 kg of CO2e per boe Accusations of greenwashing edit Lundin Energy s decarbonisation plan has been called greenwashing by environmental organizations 20 Isadora Wronski head of Greenpeace Sweden told CNBC in 2020 that Ridding Petroleum from the company name does not change the fact that Lundin is in the oil business and their product is one of the environmentally most harming products there is 15 The Lundin Foundation editThe Lundin Foundation established and funded by the Lundin Group 21 of Companies As part of its wider decarbonisation strategy Lundin Energy currently supports seven start ups and accelerators in low carbon technology and innovation through the Lundin Foundation One of these is Ocean Harvesting Technologies OHT 22 a pre commercial wave energy company that explores the use of wave energy converters WECs 23 used to cut emissions from oil and gas production at sea Lundin Energy is currently involved in a project with OHT on its Edvard Grieg field 24 to explore the potential of using wave energy to decarbonise production of oil and gas on platforms If successful it could be used to decarbonise platforms far from shore 25 Lundin Energy also supports 26 Evoy 27 a company that develops 100 electric motor systems for high speed boats which has the potential of reducing emissions in the boating industry Lundin Energy further support Katapult Climate 28 with its Climate Accelerator Program 29 that targets innovative tech entrepreneurs that advance zero and low carbon solutions at scale History editLundin has been involved in oil exploration and production for over thirty years Lundin Petroleum can trace its roots back to the early eighties in the form of International Petroleum then International Petroleum Corporation followed by Lundin Oil in the late nineties before emerging as Lundin Petroleum in 2001 30 and becoming Lundin Energy in 2020 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 US 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 million barrels 16 million cubic metres of oil equivalent In Tunisia the Oudna field development Lundin Petroleum 40 working interest was successfully completed and production commenced in November 2006 31 In 2002 Lundin Petroleum acquired Coparex International from BNP Paribas adding exploration and production assets in France Netherlands Tunisia Venezuela Indonesia and Albania to the existing portfolio The acquisition transformed Lundin Petroleum from a pure exploration company into a larger E amp P player In early 2003 Lundin Petroleum entered Norway for the first time by acquiring 75 percent of the shareholding in Norwegian OER oil 30 In 2004 Lundin Petroleum acquired a portfolio of producing assets in the UK from DNO AS doubling Lundin Petroleum s reserves to 21 9 million m3 138 million bbl of oil equivalent and increased production to 4 590 cubic metres 28 900 bbl per day of oil equivalent 30 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 citation needed In 2010 Lundin Petroleum made a large discovery on the Avaldsnes prospect in PL501 on the Utsira High in the North Sea estimated to contain recoverable resources of 16 to 64 million m3 100 to 400 million bbl of oil equivalent The discovery was later renamed Johan Sverdrup oil field 32 In 2014 Lundin Petroleum made an oil and gas discovery on the Alta prospect in PL609 on the Loppa High in the southern Barents Sea The discovery is located 20 km northeast of the Gohta discovery well and some 160 km from the Norwegian coast and is estimated to contain resources of 20 to 64 million m3 125 to 400 million bbl of oil equivalent 33 In February 2015 it has started drilling exploration well 16 1 24 located in the Gemini prospect of the North Sea The well is located in PL338C south west of the Edvard Grieg field offshore Norway It will test the reservoir properties and hydrocarbon potential of Lower Paleocene aged sandstones of the Ty Formation The Gemini prospect is estimated to contain unrisked gross prospective resources of 14 8 million m3 93 million bbl of oil equivalent The Island Innovator semi submersible drilling rig will be used to drill the well to a planned total depth of 2 192m below mean sea level 34 35 The Gemini exploration well was completed as a dry well in March 2015 36 In 2015 three field developments were completed and started production the Boyla field and the Edvard Grieg oil field in Norway and the Bertam field in Malaysia 37 In April 2017 Lundin Petroleum spun off its producing assets outside of Norway into a new company called International Petroleum Corporation IPC Following the spin off Lundin Petroleum is a fully Norway focused company 38 Following the approval by the AGM 2020 the company changed its name from Lundin Petroleum to Lundin Energy to better reflect its decarbonization strategy and broadening of its energy mix 39 Leadership editFounder Adolf H Lundin also founded Lundin Mining in 1994 40 Lundin died in 2006 at the age of 73 41 In June 2015 Alex Schneiter was appointed president and chief executive officer of Lundin Petroleum effective October 2015 42 The Company announced the appointment of Nick Walker as the company s new president and CEO In August 2020 effective 1 January 2021 43 Accusations of complicity in war crimes editIn her book Affarer i blod och olja Lundin Petroleum i Afrika 44 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 45 In June 2010 the European Coalition on Oil in Sudan ECOS 46 published the report Unpaid Debt 47 which called upon the governments of Sweden Austria and Malaysia to look into allegations that the companies Lundin Petroleum OMV and Petronas have been complicit in the commission of war crimes and crimes against humanity whilst operating in Block 5A South Sudan then Sudan between 1997 and 2003 The reported crimes include indiscriminate attacks and intentional targeting of civilians burning of shelters pillage destruction of objects necessary for survival unlawful killing of civilians rape of women abduction of children torture and forced displacement Approximately 12 000 people died and 160 000 were forcibly displaced from their land and homes many forever Satellite pictures taken between 1994 and 2003 show that the activities of the three oil companies in Sudan coincided with a spectacular drop in agricultural land use in their area of operation 48 Also in June 2010 the Swedish public prosecutor for international crimes opened a criminal investigation into links between Sweden and the reported crimes In 2016 Lundin s Chairman Ian H Lundin and CEO Alex Schneiter were informed that they were the suspects of the investigation Sweden s Government gave the green light for the Public Prosecutor in October 2018 to indict the two top executives 49 On 1 November 2018 the Swedish Prosecution Authority notified Lundin Petroleum that the company may be liable to a corporate fine and forfeiture of economic benefits of 3 285 million SEK app 315 million for involvement in war crimes and crimes against humanity 50 Consequently the company itself will also be charged albeit indirectly and will be legally represented in court On 15 November 2018 the suspects were served with the draft charges and the case files 51 In June 2020 the Swedish Prosecution Authority announced that the investigation was complete We believe we have sufficient grounds for a prosecution said Chief Prosecutor Henrik Attorps to Dagens Nyheter 52 indicating a firm intention to take the case to court Defence lawyers have been filing series of legal requests to end the investigation that have all been denied by the Courts In June 2021 the prosecutor wrote to the District Court of Stockholm that he planned to finish the investigation before July The Lundin case raises the issue of access to remedy and reparation for victims of human rights violations linked with business activities Lundin Energy now endorses the UN Guiding Principles on Business and Human Rights acknowledging the duty of business enterprises to contribute to effective remedy of adverse impact that it has caused or contributed to 53 In May 2016 representatives of communities in Block 5A claimed their right to remedy and reparation and called upon Lundin and its shareholders to pay off their debt 54 The company has denied responsibility and therefore has not yet provided remedies and reparations to the victims The company has never refuted publicly reported incriminating facts Nor has it substantiated its claim that its activities contributed to the improvement of the lives of the people of Sudan 55 It never showed an interest in the consequences of the oil war for the communities in its concession area A shareholder proposal to adopt a human rights friendly legal strategy that takes into account the victims right to access to justice and prompt redress was almost unanimously rejected by the 2021 Annual General Meeting of the company The company maintains a website about its activities in Sudan 56 as well as one that is dedicated to the criminal case 57 Criticism has also been directed towards former Minister for Foreign Affairs Carl Bildt a former board member for the company responsible for ethics 58 59 Ethiopia arrested the two Swedish journalists Johan Persson and Martin Schibbye and held them for 14 months before releasing them Conflict Ethiopian Judicial Authority v Swedish journalists 2011 was caused as the journalist studied report of human rights violation in the Ogaden in connection with activities of Lundin Petroleum 60 As a corporation Lundin has not yet been charged criminally A criminal trial of this nature against Lundin would become a landmark case because of the novelty and complexity of the legal issues that the Swedish court will have to decide On 23 May 2019 the T M C Asser Institute for International Law in The Hague organized a Towards criminal liability of corporations for human rights violations The Lundin case in Sweden 61 Thomas Alstrand from the Swedish Prosecution Authority in Gothenburg on 13 February 2019 announced that a second criminal investigation had been opened into threats and acts of violence against witnesses in the Lundin war crimes investigation 62 They have allegedly been pressured not to testify in court Several witnesses have been granted asylum in safe countries through UNHCR supported emergency protection procedures The company has confirmed that its CEO and chairman have been officially informed by the prosecutor about the allegation noting that it believes that it is completely unfounded Witness tampering is usually intended to prevent the truth from being exposed in court The second investigation into obstruction of justice seems to contradict the company s assertions of its good faith cooperation with the war crimes investigation On 11 November 2021 top executives Ian Lundin and Alex Schneiter were indicted in Stockholm District Court for abetting grave war crimes in Sudan They risk life sentences if convicted 63 64 65 The Dutch peace organization PAX and Swedish NGO Global Ide will provide daily English language coverage of proceedings expert analyses and comments on the website Unpaid Debt 66 References edit Lundin people Aker BP completes 14bn acquisition of Lundin Energy s E amp P business Offshore Technology 1 July 2022 Retrieved 12 February 2023 Lundin Energy changes its name to Orron Energy Orron Energy 1 July 2022 Retrieved 12 April 2024 Lundin Energy Archived from the original on 19 November 2021 Retrieved 19 November 2021 Operations Lundin Petroleum AB Retrieved 15 December 2017 License Summary Lundin Energy Retrieved 26 May 2020 Increased plateau production at Johan Sverdrup Lundin Energy 30 March 2020 Retrieved 26 May 2020 Johan Sverdrup project Lundin Energy Retrieved 26 May 2020 Further improvements on the Johan Sverdrup project Press release GlobeNewswire 2017 First oil from the Edvard Grieg field offshore Norway Press release GlobeNewswire 30 November 2015 Lundin Energy buys OMV stake in Norway s Wisting oilfield Upstream Online 29 October 2021 Wisting Oil Discovery Barents Sea Plenty of more oil in Barents Sea says petroleum authority Swedish Lundin Energy accelerates its carbon neutrality aim by 2 years a b Meredith Sam 27 January 2020 Oil major pledges to become carbon neutral by 2030 drawing sharp criticism from climate activists CNBC Retrieved 5 September 2023 Landlife EcoPlanet Bamboo website Norway focused Lundin makes first ever certified carbon neutral crude sale S amp P Global Platts 26 April 2021 Intertek issues world s first CarbonClear certification to Lundin Energy s Edvard Grieg Field jointly demonstrating commitment to a low carbon energy future 29 July 2020 Sandin Ossian 31 August 2021 Lundin energy anmalt for att marknadsfora koldioxidneutral oljeproduktion Syre in Swedish Retrieved 5 September 2023 Lundin Group Ocean Harvesting Technologies Wave energy converters Coastal Wiki Lundin probes wave power for significant challenges of offshore decarbonisation Upstream Online 29 April 2021 Ocean Harvesting commissions InfinityWEC test rig 19 November 2021 Evoy raised NOK 9 5M from Lundin Foundation Planet 9 Ventures Link VC Greenstat and Presttun AS https www evoy no Katapult announces its 2021 portfolio companies 18 October 2021 Katapult Climate Investing in climate tech startups a b c History Lundin Petroleum AB Retrieved 15 December 2017 Annual Report 2006 PDF Lundin Petroleum Retrieved 21 October 2011 Lundin Petroleum makes a significant discovery offshore Norway Press release Globe Newswire 17 September 2010 Lundin Petroleum finds oil and gas in the Alta well in PL609 in the Barents Sea Press release Globe Newswire 14 October 2014 Lundin Petroleum starts 16 1 24 exploration well drilling on Gemini prospect 16 February 2015 Lundin spuds test well in offshore Norway Gemini prospect Petro Global News Retrieved 18 February 2015 The Gemini exploration well offshore Norway has been completed as a dry well Press release Globe Newswire 17 March 2015 Annual Report 2015 PDF Lundin Petroleum AB Retrieved 15 December 2017 Lundin Petroleum proposes spin off of its non Norwegian producing assets into an independent oil and gas company Press release Globe Newswire 13 February 2017 Lundin Petroleum changes name to Lundin Energy Lundin Petroleum 27 January 2020 Company History Lunding mining Investors History Lundin Petroleum AB Retrieved 15 December 2017 Alex Schneiter appointed as President and CEO of Lundin Petroleum GlobeNewsWire Press release 22 June 2015 Lundin Energy Appoints New CEO www rigzone com Retrieved 20 August 2020 Jartelius Arne Blod och olja Nationalencyklopedin Retrieved 21 October 2011 Lundell Kerstin 2010 Tystnadens triumf Ordfront Magazine Archived from the original on 22 August 2010 ECOS Database European Coalition on Oil in Sudan Unpaid Debt The legacy of Lundin Petronas and OMV in Block 5A Sudan 1997 2003 European Coalition on Oil in Sudan Retrieved 28 June 2019 Satellite mapping Block 5A PDF Prins Engineering 30 August 2009 Retrieved 28 June 2019 Lundin faces prosecution for Sudan oil war abuses Justice Info 23 October 2018 Retrieved 28 June 2019 Regulatory disclosure Lundin Petroleum website Retrieved 28 June 2018 Lundin Petroleum Receives Final Notice before Indictment Retrieved 29 June 2019 Lundin investigation completed Prosecutor Sufficient grounds for indictment Unpaid Debt Retrieved 5 July 2021 Lundin Energy Human rights Policy Retrieved 23 April 2020 Victim s Remedy Claim Unpaid Debt Retrieved 2 July 2018 Corporate Governance Report 2015 PDF Retrieved 28 June 2019 Lundin History in Sudan Lundin Sudan Legal Case PM Nilsson Bildt maste ga Archived 2007 02 12 at the Wayback Machine Expressen 11 January 2007 in Swedish Fredrik Malm Bildt maste byta politik eller avga Expressen 15 January 2007 in Swedish Reporters Without Borders hails Swedish journalists release Reporters Without Borders 10 September 2012 Towards criminal liability of corporations for human rights violations The Lundin case in Sweden YouTube Lundintoppar misstanks for anstiftan till overgrepp i rattssak Lundin top management suspected of perverting the course of justice Dagens Nyheter in Swedish 13 February 2019 Retrieved 28 June 2019 Sweden charges Lundin Energy executives with complicity in Sudan war crimes Reuters 11 November 2021 Retrieved 11 November 2021 Sweden Radio 11 November 2021 Swedish oil representatives indicted on complicity in grave war crimes in Sudan Sveriges Radio Retrieved 11 November 2021 Prosecution for complicity in grave war crimes in Sudan Aklagarmyndigheten Retrieved 11 November 2021 Unpaid Debt External links edit nbsp Energy portal nbsp Sweden portal nbsp Companies portal Official website Bloomberg Businessweek com Company profile of Lundin Petroleum Human Rights Watch org Sudan Oil and Human Rights September 2003 ISBN 1 56432 291 2 EJIL Talk Blog of the European Journal of International Law The Road Less Traveled How Corporate Directors Could be Held Individually Liable in Sweden for Corporate Atrocity Crimes Abroad 13 November 2018 Website by PAX dedicated to the case of Lundin Petroleum and its senior managers OMV and Petronas Website by Lundin Petroleum about the war crimes allegations T M C Asser Institute talk Towards criminal liability of corporations for human rights violations The Lundin case in Sweden Retrieved from https en wikipedia org w index php title Lundin Energy amp oldid 1225309561, wikipedia, wiki, book, books, library,

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