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Address to the SPE forum, Oslo Dec. 13 th 2011 Stig L. Støme, Chief Engineer Subsea Production Systems from a successful Exploration company to Field Development and Operation December 13th 2011

from a successful Exploration company to Field Development

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Address to the SPE forum, Oslo Dec. 13th 2011

Stig L. Støme, Chief Engineer Subsea Production Systems

– from a successful Exploration

company to Field Development

and Operation

December 13th 2011

SPE address

December 13th 2011

Lundin Petroleum

December 13th 2011

Lundin Norway AS

Established on the NCS in 2004 by

purchase of DNO portfolio in

Norway

47 licences in total; 26 as Operator

and 21 Partner

Daily NCS production of

approximately 20 000 boe/d from

the Alvheim and Volund fields

Several developments in the project

preparation phase

December 13th 2011

December 13th 2011

Strategic Background: Production/Exploration on the NCS

Production

Exploration wells

Oil price

December 13th 2011

Exploration drilling on the NCS

December 13th 2011

Lundin Norway - Proven Track Record

December 13th 2011

Avaldsnes – A new Giant in the North Sea

December 13th 2011

The Southern Utsira High – A sleeping Giant

December 13th 2011

Avaldsnes/Aldous

Aldous

PL501 (40%) Lundin operator Avaldsnes Discovery 2010

PL265 (10%) Statoil operator Aldous Major South 2011

Aldous Major North Requires further appraisal

December 13th 2011

Discoveries last 10 years

December 13th 2011

Largest Discovery since 1980’s on NCS

Avaldsnes Discovery 2010 by Lundin:

December 13th 2011

Lundin Norway engagements

Alvheim 2006(15%)

196 MMbbl

135 000 bbl/d

Volund 2009(35%)

38 MMbbl

Gaupe 2012(40%)

31 MMbbl

Brynhild 2013(70%)

20 MMbbl

Bøyla 2014 (15%)

20 MMbbl

December 13th 2011

Fields to be brought on-stream

Mb

oep

d

December 13th 2011

Bøyla (PL 340)

December 13th 2011

Brynhild (PL 148)

December 13th 2011

Lundin Operator of Brynhild in 2013

Total CAPEX:

4 Billion NOK

December 13th 2011

Brynhild Field Development Project

Contractors:

• Host plf. Mods; Shell Itnl. (Bluewater)

• Production Drilling; Maersk Drilling

• SPS ; Aker

• Pipelines & Inst.; Technip

Pipe-in-Pipe

Brynhild SPS

Brynhild RBM

December 13th 2011

Luno (PL338)

December 13th 2011

Luno Field Development

December 13th 2011

Lundin Norway AS – Organisation in 2016

December 13th 2011

Lundin in Operation - 2016

December 13th 2011