UK GBA ticks Lundin boxes
The Swedish-headquartered producer says it is comfortable sticking with Norway. But could JOG’s farm-out process attract it over the median line?
“The core focus of our business is organic growth through the drillbit,” Nick Walker, CEO of Norwegian continental shelf (NCS) specialist Lundin Energy told a March investor virtual town hall. “But acquisitions can play a part, and we have done a number of smaller ones over the years, including Wisting last year.” An average finding cost of $0.80/bl oe across a 1bn bl/oe+ resource portfolio plays a role in preferring organic to inorganic growth—"you cannot buy reserves at that price”, says Walker. But alongside near-field exploration and drilling in both mature and frontier NCS areas, he sees a role for “opportunistic” acquisitions. “We have to be able to create value from them. It is no

Also in this section
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats