Lundin Energy
Former Swedish independent oil and gas exploration and production company focused primarily on the Norwegian Continental Shelf.
Last updated August 22, 2026
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Overview
Lundin Energy was a Swedish independent oil and gas exploration and production company whose principal business was concentrated on the Norwegian Continental Shelf. The company was created in 2001 after Lundin Oil was acquired by Talisman Energy and developed from a broader international exploration portfolio into one of Norway’s significant independent upstream operators. Its historical roots extended through International Petroleum, International Petroleum Corporation and Lundin Oil, businesses associated with the Lundin family’s resource-investment activities. During its early years, Lundin Petroleum expanded through acquisitions and exploration in several jurisdictions. The 2002 purchase of Coparex International added assets in France, the Netherlands, Tunisia, Venezuela, Indonesia and Albania. It subsequently entered Norway in 2003 and acquired producing assets in the United Kingdom in 2004. The company also participated in developments in Tunisia, Malaysia and other countries. In 2010, its United Kingdom assets were separated into EnQuest through a transaction with Petrofac, and in 2017 its remaining producing assets outside Norway were spun off into International Petroleum Corporation. These steps left Lundin Petroleum focused almost entirely on Norway. The company’s strategic importance grew through discoveries on the Utsira High in the North Sea. Its 2010 Avaldsnes discovery was later incorporated into the Johan Sverdrup field, one of the largest oil discoveries on the Norwegian Continental Shelf. Lundin held a 20 percent working interest in the development. Production from the first phase began in October 2019, while a second phase was planned to raise total field processing capacity. Other core assets included the Edvard Grieg field, which began production in 2015, and the Alvheim area, where production from several fields supported the company’s Norwegian portfolio. Lundin also held exploration and development interests in the Barents Sea, including Alta and Wisting. In April 2020, shareholders approved changing the company’s name from Lundin Petroleum AB to Lundin Energy AB. Management presented the change as part of a decarbonisation strategy that included reducing operational emissions, investing in carbon capture and removal projects, and supporting lower-carbon technologies. The company announced investments in reforestation, bamboo plantations and emerging technologies such as wave power and electric marine propulsion. It also promoted the certification of crude from the Edvard Grieg field as carbon-neutral on a lifecycle or operational-emissions basis. Environmental organisations criticised the strategy as greenwashing, arguing that a name change and offsets did not alter the climate impact of selling oil. The business was also associated with a major Swedish investigation concerning alleged complicity in war crimes and crimes against humanity connected to operations in Block 5A in Sudan, now South Sudan, during the late 1990s and early 2000s. Swedish prosecutors investigated former chairman Ian H. Lundin and former chief executive Alex Schneiter, and indicated that the company could face a corporate fine and forfeiture of alleged economic benefits. Lundin denied responsibility for the alleged crimes. The investigation and subsequent proceedings became a defining reputational and legal issue for the company. In 2022, Aker BP acquired Lundin Energy’s oil and gas business in a transaction reported at more than US$14 billion. The transaction ended Lundin Energy’s existence as a listed upstream oil and gas company and resulted in its delisting. The remaining renewable and low-carbon assets continued under the name Orrön Energy. Lundin Energy therefore survives principally as a historical corporate identity associated with Norwegian oil production, the Johan Sverdrup discovery, decarbonisation claims and the Sudan-related legal controversy.
History
Lundin Energy emerged in 2001 from the restructuring of Lundin Oil after Talisman Energy acquired that company. Its corporate lineage reached back to International Petroleum and International Petroleum Corporation, followed by Lundin Oil in the late 1990s. The new Lundin Petroleum initially operated as an international exploration and production company rather than a Norway-only business. In 2002, the acquisition of Coparex International expanded the portfolio into France, the Netherlands, Tunisia, Venezuela, Indonesia and Albania. Lundin entered Norway in 2003 by acquiring a majority interest in Norwegian OER Oil. A 2004 acquisition of producing assets from DNO in the United Kingdom increased reserves and production. The company later participated in the Oudna development in Tunisia, which began production in 2006, and in the Bertam field in Malaysia. Lundin progressively simplified its portfolio. In 2010, its United Kingdom Continental Shelf producing assets were separated into EnQuest through a transaction involving Petrofac. The same year, the company discovered hydrocarbons at Avaldsnes on the Utsira High. The discovery was subsequently associated with the Johan Sverdrup field, which became one of the largest developments on the Norwegian Continental Shelf. Lundin retained a substantial interest and became an important participant in the field’s development. The company continued exploration in Norway, including the Alta discovery on the Loppa High in 2014 and drilling campaigns around the Edvard Grieg area. In 2015, Bøyla, Edvard Grieg and Bertam began production. Edvard Grieg became a major Norwegian production hub, while the Alvheim area remained another important centre of activity. In 2017, Lundin spun off its producing assets outside Norway into International Petroleum Corporation, completing its transition to a Norway-focused upstream company. The Johan Sverdrup project began first-phase production on 5 October 2019. In April 2020, the company changed its legal name from Lundin Petroleum AB to Lundin Energy AB. The rebrand accompanied a plan to reduce operational emissions, invest in carbon-removal and carbon-capture initiatives, and support low-carbon technology companies. Partnerships and investments included reforestation with Land Life Company, bamboo projects with EcoPlanet Bamboo, and support for ventures such as Ocean Harvesting Technologies and electric marine propulsion developer Evoy. Critics maintained that these measures represented greenwashing while the company continued to produce and sell oil. Lundin’s historical operations in Block 5A in Sudan generated a long-running legal and human-rights controversy. Civil-society organisations and journalists alleged that military actions connected with the oil concession involved attacks on civilians, forced displacement, destruction of property and other abuses. Swedish prosecutors opened an investigation in 2010. Ian H. Lundin and Alex Schneiter were identified as suspects in 2016, and the Swedish government authorised possible indictments in 2018. Prosecutors also notified the company that it could face a corporate fine and confiscation of alleged economic benefits. Lundin rejected responsibility for the alleged conduct. The case raised broader questions about corporate complicity, access to remedy and the responsibilities of companies operating in conflict zones. In 2022, Aker BP acquired Lundin Energy’s oil and gas business in a transaction valued at more than US$14 billion. Lundin Energy was delisted, while the remaining renewable-energy assets continued as Orrön Energy. Its corporate history consequently divides into a former international exploration company, a Norway-focused oil producer, and a short-lived energy-transition brand whose upstream business was absorbed by Aker BP.
- 2022
Oil and gas business acquired by Aker BP
[1]Aker BP acquired the upstream business and Lundin Energy was subsequently delisted; remaining renewable assets became Orrön Energy.
- 2020
Lundin Petroleum becomes Lundin Energy
[1]The company adopted a new name to reflect its decarbonisation strategy and broader energy positioning.
- 2019
Johan Sverdrup production begins
[1]First-phase production at Johan Sverdrup started in October.
- 2017
International assets spun off
[1]Producing assets outside Norway were separated into International Petroleum Corporation.
- 2015
Edvard Grieg starts production
[1]Edvard Grieg began production and became a central part of Lundin’s Norwegian portfolio.
- 2010
Avaldsnes discovery
[1]The Avaldsnes discovery on the Utsira High was later incorporated into the Johan Sverdrup field.
- 2003
Entry into Norway
[1]Lundin Petroleum entered the Norwegian market through the acquisition of a majority interest in Norwegian OER Oil.
- 2002
Coparex International acquisition
[1]The acquisition added exploration and production assets across Europe, Africa, Latin America and Asia.
- 2001
Lundin Petroleum is formed
[1]The company was established after Talisman Energy acquired Lundin Oil, creating Lundin Petroleum as a Swedish independent exploration and production company.
Products and positioning
Independent upstream energy company combining Norwegian oil and gas production with an announced operational decarbonisation strategy.
Upstream production
Crude oil
Crude oil was Lundin Energy’s principal commercial product. Production was concentrated in Norway, particularly through interests in Johan Sverdrup, Edvard Grieg and the Alvheim area. The company also marketed an Edvard Grieg crude cargo as carbon-neutral under an independent certification framework, although environmental groups challenged the credibility of such claims.
Upstream production
Natural gas
Natural gas was produced alongside oil from the company’s Norwegian Continental Shelf assets. It formed part of the hydrocarbon output of fields and production hubs in the North Sea and related exploration acreage.
Controversies
2020
Greenwashing criticism
Environmental organisations criticised the shift from Lundin Petroleum to Lundin Energy and the use of offsets, arguing that the company’s underlying oil business remained environmentally damaging.
2010
Sudan operations war-crimes investigation
Swedish prosecutors opened an investigation into alleged links between Lundin’s former Block 5A operations in Sudan and attacks, forced displacement and other alleged abuses during the country’s civil conflict. Company executives denied responsibility for the alleged crimes.
Marketing campaigns
- 2021Land Life Company reforestation partnership
International
The company announced an investment in reforestation projects intended to capture carbon and address residual operational emissions.
Outcome. The initiative became part of the company’s carbon-neutrality claims; the long-term effectiveness of offset-based approaches remained contested.
- 2021EcoPlanet Bamboo partnership
International
Lundin Energy announced support for sustainable bamboo plantations as another carbon-removal project.
Outcome. The project was incorporated into the decarbonisation strategy, alongside other nature-based investments.
- 2020Operational decarbonisation plan
Norway · Sweden
Lundin Energy announced a programme targeting carbon neutrality for operational emissions by 2023, supported by spending on emissions reduction, carbon capture and carbon-removal projects.
Outcome. The programme shaped the company’s rebrand and public positioning, but was criticised by environmental organisations as greenwashing because the company remained an oil producer.
Brand decisions
2022
Sale of oil and gas business to Aker BPM&ABackground
Aker BP sought to expand its Norwegian upstream portfolio, while Lundin Energy pursued a separation between hydrocarbons and renewable assets.
Action taken
Aker BP acquired Lundin Energy’s oil and gas business in a transaction reported at more than US$14 billion.
Aftermath
Lundin Energy was delisted and its remaining renewable activities continued under the Orrön Energy name.
Reported transaction value. More than US$14 billion (2022)
2020
Rebrand as Lundin EnergyStrategyBackground
Management presented decarbonisation and a broader energy mix as strategic priorities.
Action taken
The company changed its name from Lundin Petroleum AB to Lundin Energy AB.
Aftermath
The new identity supported a lower-carbon positioning while the company continued its Norwegian oil and gas operations.
2017
Focus the portfolio on NorwayStrategyBackground
Lundin held producing and exploration assets in several countries but sought a simpler, Norway-centred upstream model.
Action taken
It spun off producing assets outside Norway into International Petroleum Corporation.
Aftermath
Lundin Petroleum became substantially focused on the Norwegian Continental Shelf.
Recent events
Aker BP and Lundin Energy announce merger agreement[2]
Reported:
Aker BP announced an agreement to acquire Lundin Energy's oil and gas activities through a statutory merger. The transaction remained subject to shareholder and regulatory approvals, with completion targeted for the second quarter of 2022.
Lundin Energy raises 2021 production guidance[3]
Lundin Energy raised its 2021 production forecast to 180,000–195,000 barrels of oil equivalent per day, up from its original guidance of 170,000–190,000 boe/d.
Lundin Energy appointed Nick Walker as president and CEO[4]
Reported:
Lundin Energy appointed Nick Walker as president and CEO after Alex Schneiter decided to step down. The appointment is to become effective on January 1, 2021.
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