Lundin's Libyan Oilfield Development Goes Ahead
VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 14, 2000--Lundin Oil AB(NASDAQ:LOILY - news) A second major milestone was passed last week
when Lundin Oil's wholly owned subsidiary, International Petroleum Libya Limited (IPLL) placed an order for 94,500 meters of pipeline that will connect its
production from the En-Naga field with Libya's national export system.
The line pipe will be supplied by Thyssen Krupp Stahlunion GmbH with deliveries commencing early next year.
The En-Naga North and West Field was discovered by IPLL in 1998, has been appraised and contains certified, proven and probable recoverable reserves of 99 million barrels of oil.
The 94.5 Km pipeline will connect the field to the Waha Oil Company's Samah production facility, from where an existing trunk line transports the oil to the Es Sider terminal on the Gulf of
Sirte.
The En-Naga field is set to produce in excess of 15,000 barrels of oil a day in phase I, rising to a peak of around 24,000 barrels in phase 2, which is expected within 2 years of first production.
In the ongoing exploration programme, preparations are being made to spud the Haruj D prospect in Area NC-177, which lies 65 Km southwest of the En-Naga Field.
Lundin Oil is an Independent Swedish oil company exclusively engaged in oil and gas exploration and production. The Company produces oil and gas in the UK sector of the North Sea as well
as offshore Malaysia/Vietnam. Lundin Oil has development projects in both Libya and offshore Malaysia/Vietnam, with ongoing exploration interests in Libya, Albania and Sudan.
The Company's shares are publicly listed on the Stockholm Stock Exchange (symbol ``LOILB'') and on NASDAQ (symbol ``LOILY''). |
