Lundin to form new company for interests outside Norway
Lundin Petroleum plans to create a new company to manage its assets offshore Malaysia and offshore/onshore the Netherlands and France.
Due to Lundin’s recent growthoffshore Norway, which now accounts for 96% of its global reserves, the board felt the other interests would benefit from being held within a separate and independent entity, to be called International Petroleum Corp. (IPC).
With a renewed strategy and focus, Lundin believes IPC could be developed into a leading international oil and gas independent, focused on the production and development of assets around the world.
IPC will be led and directed primarily by current members of the Lundin Petroleum management team, with Mike Nicholson, currently CFO, serving as IPC’s president and CEO.