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Lundin Receives Approval for Bertam Field Development Plan

Source: www.gulfoilandgas.com 10/10/2013, Location: Asia

Lundin Petroleum AB is pleased to announce that its wholly owned subsidiary Lundin Malaysia BV has received approval for the Bertam Field Development Plan from PETRONAS. The Bertam field is the first development project operated by Lundin Petroleum in Malaysia.

The Bertam field is located in Block PM307, offshore Peninsular Malaysia. Lundin Malaysia BV as operator holds a 75% working interest and PETRONAS Carigali holds the remaining 25% working interest.

The Bertam field will be developed using a 20 slot Wellhead Platform adjacent to a spread moored FPSO in a water depth of 76 metres. The subsurface development concept consists of 14 horizontal wells completed with Electric Submersible Pumps (ESP's). The total gross capital investment associated with the Bertam field development, excluding any FPSO related costs, is estimated at approximately USD 400 million.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments; "The approval from PETRONAS of the Bertam Field Development Plan is a major achievement for the South East Asia business. We have built an experienced project team with strong record of completing similar projects and are confident we have the capability to deliver this major project on schedule and on budget."

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 202 million barrels of oil equivalent (MMboe).

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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