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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1916)11/22/2000 12:21:35 AM
From: Tomas  Read Replies (1) of 2742
 
OT: Libya: Lasmo to invite Elephant bids - Middle East Economic Digest, Nov 17

The UK's Lasmo plans to issue tenders in December for contracts to develop it's Elephant field infrastructure. Bid lists are still under discussion but Italian and Korean contractors are known to be well represented in the prequalification. Lasmo on 7 November was due to meet with the field's operations committee to decide on the whether to invite bids for one large lump sum contract, or award several smaller contracts.

Lasmo plans to be fully underway with development of the field during the first half of 2001. First oil is planned as soon as possible, say local sources. The first phase of production will be at a rate of 50,000 barrels a day (b/d), rising to 150,000 b/d by 2003. The field has proven recoverable reserves of 600 million barrels.

Lasmo is the operator of the NC 174 Block and holds a 33 per cent interest in the field. The company's partners include the local National Oil Corporation. Italy's Agip and the Korean consortium of Korean Petroleum Development Corporation, Hyundai Corporation, Majuko Enterprises, Daesung Industrial Company and 5K Engineering & Construction. Plans to develop the field will not be affected by the buy-out of Lasmo by US operator Amerada Hess, say company sources.
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