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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Oil Tycoon who wrote (856)	11/24/1998 10:45:00 PM
From: Tomas	of 2742

Lundin may spread load Upstream, 20-11-1998 AMANDA BATTERSBY from Singapore SWEDISH operator Lundin Oil could be in the market for a partner to farm into its PM-3 project located in the commercial arrangement area between Thailand and Vietnam. "We're looking at a variety of financing options and that's one of the possibilities, said managing director Ian Lundin. "It's a big project and we could be looking to reduce our stake, but there's no formal process at the moment". Lundin is keen to move ahead with the second stage of the offshore development, which will exploit first gas from the five fields discovered to date. Some 40,000 barrels per day of oil and condensate will be produced in addition to initial gas deliveries of 250 million cubic feet per day. Approximately 12,000 bpd of oil is currently flowing via an early production system that came on stream last year. However, it is understood that progress on the second phase might not be quite as speedy as the Swedes had been hoping for, especially as the gas is expected to come on stream in two years' time. Fabrication contracts for the project will need to be awarded in the not-too-distant future if the project is going to maintain its schedule. Bids have already been submitted for the largest construction job, the central processing platform, but delays within Malaysian state oil company Petronas mean the tenders have not even been opened yet. "We're waiting on approvals from Petronas to open the bids", managing director Lundin said. "They've been sitting with them for several months now". Once we get the necessary approvals, we can open the bids and make our recommendation to the partners". Stakeholders in block PM-3 are Lundin (41.44%), Petronas Carigali (46.06%) and PetroVietnam (12.5%).

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