• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 6 hours UK, Stay in EU, Says Tusk
  • 2 hours Socialists want to exorcise the O&G demon by 2030
  • 6 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 1 hour Nuclear Power Can Be Green – But At A Price
  • 3 hours Venezuela continues to sink in misery
  • 16 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 4 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 42 mins Chevron to Boost Spend on Quick-Return Projects
  • 18 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 15 hours How Is Greenland Dealing With Climate Change?
  • 29 mins Maritime Act of 2020 and pending carbon tax effects
  • 1 day Solid-State Batteries
  • 19 hours Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 24 hours Orphan Wells
James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Lundin Petroleum Almost Matches Apples 50-Fold Gain, Ripe for Takeover

The Lundin family from Sweden are a powerhouse in the oil industry and have been responsible for some of the largest natural resource discoveries and deals over the last 80 years, finding the world’s largest natural gas field, and some of the largest gold deposits.

Lukas Lundin, the family’s investment manager, has announced that after already noting a 45-fold gain since it began trading in 2001 (almost equalling Apple Inc. which gained 50-fold), he expects Lundin Petroleum AB to double in value over the next decade after the success of its biggest ever North Sea discovery.

Lundin Petroleum’s stock surged on the back of the discovery of the Avaldsnes and Aldous prospects in 2010 and 2011 respectively, which were later renamed the Johan Sverdrup field. Buoyed by this discovery, estimated to contain 3.6 billion barrels of oil, Lundin Petroleum has become Europe’s most expensive explorer, and Lukas expects that it will grow from its current market value of $6.8 billion to around $16 billion.

Related article: Canada Putting Too Many Eggs in Oil Basket

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

Macquarie Group has suggested that this success and growth will make Lundin Petroleum a potential takeover candidate. Phil Corbett, an analyst at Deutsche Bank AG, has also made the same suggestion, explaining that, “they have had terrific exploration success.  Based on trends over the past decade, the market may see it as one of the more likely M&A candidates in the sector, given its Norway focus and the production growth that’s coming through.”

The oil company currently produces around 35,600 barrels of oil a day, but forecast this to increase to 150,000 barrels a day by 2018 as wells start to come online that tap into the Johan Sverdrup field.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News