Lundin Petroleum AB, Stockholm, plans to spin off properties in Malaysia, France, and the Netherlands and to focus on offshore Norway.
The spun-off assets will form International Petroleum Corp., shares of which will be distributed to Lundin owners.
Norwegian assets represent 96% of Lundin Petroleum’s proved and probable oil and gas reserves, 744 million boe at yearend 2016, and account for 88% of the 79,000-91,000 boe/d of net production expected in 2017 prior to the spin-off.
The new company’s name is that of a former international producer based in Dubai that was headed at different times by Lundin Petroleum Chairman Ian H. Lundin and Director Lukas Lundin.
The former IPC was merged with Sands Petroleum AB in 1998 to form Lundin Oil AB, which was acquired by Talisman Energy Inc. in 2001. Lundin Petroleum was formed after the Talisman transaction.
Talisman Energy is now Repsol Oil & Gas Canada Inc.
Mike Nicholson, who has been Lundin Petroleum chief financial officer, will be chief executive officer of International Petroleum Corp. Lukas Lundin will be chairman.
