Lundin to spin off assets

Lundin Petroleum is hiving off all its assets outside of Norway to a separate listed company called International Petroleum Corporation (IPC).

“Growth in Norway has meant shareholders’ interest in our other assets has become quite minimal,” states CEO Alex Scheiter.

IPC’s aim is to grow through acquisitions although financial director Mike Nicholson, who will become CEO of IPC, says the acquisitions will focus on quality rather than quantity.

Lundin Petroleum’s production prognosis for 2017, including IPC, is 79,000-91,000 barrels per day, which can be compared to 73,000 last year. However Alex Scheiter calls the forecast conservative.