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

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To: Tomas who wrote (1518)	3/11/2000 3:19:00 PM
From: Tomas	Read Replies (3) of 2742

Libya: Hyundai To Expand Oil Exploration Around World SEOUL, March 9, Asia Pulse - Hyundai Corp said Thursday that it would expand investment in oil and gas exploration projects around the world, starting with Libya's "elephant" oil field in the second half of this year. The company said it hopes to secure enough oil reserves to prepare for an era of high oil prices. The elephant oil field, discovered in 1997, is believed to have oil deposits of 700 million barrels. Hyundai will tap the oil field in two stages. Preliminary surveys of the field were already completed by a consortium it set up with a number of Korean firms, including Korea National Oil Corp. From the second half of this year, the consortium can pump 50,000 barrels of crude oil per day and 150,000 barrels per day from 2003 in the second phase of the work. Hyundai expects to earn 11.6 billion won (US$10.3 million) from its Maribe oil field in Yemen this year and US$100 million from the elephant oil field when it is ready for full operation. The Maribe field was developed in 1987.

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