Between 50 and 60 students attended the Lundin presentation at the department of geosciences the 10th of November. Kjersti Mathisen Bratsberg a former geophysics student at UiO, visited us and gave a talk about Lundin, and their recent discoveries and plans for the future.
Lundin Petroleum was founded in 2001, but can trace its roots back to the early eighties and today consists of 106 employees. But due to their success the latest years they are expected to grow by the double in the year to come.
Lundin have an organic growth strategy, she says, and “income before spending” and that is the key factor of the business strategy. And this has worked out very well.
The giant discovery at the Haugaland high also known as the Utsira high/ Avaldsnes, were long considered dry areas and other companies have abandoned the area. But Lundin is a company that see things a different way and base their exploration on massive amount of data. As Kjersti said, “The data is what we need to understand the subsurface”. With this attitude and new thinking, one of the largest discoveries on the Norwegian shelf was made. The licence is operated by Lundin (40%), and partners, Statoil (40%) and Maersk (20%). In the end of 2011, 7 new wells will be drilled and 16 more wells by 2012. The production will be from a fractured basement, a very uncommon reservoir not seen to many places.
Lundin is currently exploring the potential of the Barents Sea and it will be interesting to follow the future development in this new and promising petroliferous province.