Lundin Petroleum look for profit from Johan Sverdrup field

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Lukas Lundin, investment manager for his billionaire Swedish family, said the oil stock bearing their name should double in value in next 10 years after its biggest North Sea discovery.

Lundin Petroleum, which is Sweden’s largest oil company has become the most expensive European explorer,  since it began trading in 2001, with value of $6.8 billion it may rise up to $16 billion now. Lundin family owns  about 30 percent of Stockholm-based Lundin Petroleum.

The company jumped in trading after discovering the Avaldsnes prospect in 2010 and Aldous in 2011, which were later renamed Johan Sverdrup. It holds about 3.6 billion barrels of oil under the seabed and it’s Norway’s largest field in almost four decades.

“I am extremely optimistic about Lundin Petroleum, short-term as well as longer-term,”  – said Lukas Lundin last week. The company has “proven that they have capability to deliver world-class exploration successes. It is hard not to be bullish.”

Optimistic plans can be stopped by pressure of Norway’s government, it plans to change oil and gas taxation this year.

The Lundin family have been involved in oil exploration and production for over thirty years. The family’s fortune has shifted into oil from mining, with Lundin Group’s investment in petroleum explorers over 50 percent of the total.

Read more:
Bloomberg

 Photos:

Harald Pettersen/Statoil ASA

Lundin-petroleum.com

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