Sweden’s Lundin Petroleum Appoints Alex Schneiter As CEO

Published at 09:50AM - 25/06/15

Swedish based Lundin Petroleum has announced that its current CEO Ashley Heppenstall will step down, making way for Alex Schneiter.

Lundin, who’s main area of operations are in Norwegian waters, discovered the huge Johan Sverdrup field back in 2010.  Lundin continues to own a stake in the field, which will be operated by Statoil when it comes on-stream in 2019.  It continues to be one of the worlds biggest hydrocarbon finds in decades.

The company said Schneiter, Lundin’s current chief operating officer, will take charge on 1st October. In a statement, Schneiter said “Our historical organic exploration growth strategy which led to the discoveries of Edvard Grieg and Johan Sverdrup will continue.”

A statement released by the company said “ Heppenstall’s “contribution has been instrumental in the shareholder value creation. Lundin’s share price has increased more than 40-fold during Heppenstall’s tenure,”

Lundin Petroleum’s share price has increased by 22% this year alone.