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

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To: Timelord who wrote (2215)	3/22/2001 10:39:29 PM
From: Tomas	Read Replies (2) of 2742

Lundin Oil: Swedes narrow the field in Asia Upstream, March 23 By James Tham Lundin Oil has short-listed at least three groups of bidders for the supply of a floating storage and offloading vessel for the second phase of its PM-3 project in the Malaysia/Vietnam Commercial Arrangement Area. According to industry sources, the Swedish explorer recently opened technical bids for the project and admitted Bumi Armada with Modec (newbuild), Trenergy with Malaysia Shipyard and Engineering (newbuild) and Tanker Pacific with FPSO Tech, a company established by ex-officials from Malaysian state oil company Petronas (newbuild/conversion). The other bidders were Single Buoy Moorings, Bluewater, Nortrans and Care Offshore. Commercial bids are expected to be opened next month, followed by a formal award sometime in July or August this year. Lundin has inked a gas sales contract with Petronas and its Vietnamese counterpart PetroVietnam to sell 250 million cubic feet per day of gas for up to 20 years. The gas will be sold at the wellhead and Petronas will be responsible for constructing a pipeline to its Resak field. PetroVietnam has the option to take gas during the 20-year term but any such volumes will be dependent on the Vietnamese providing their own export solution. The project will encompass the producing Bunga Kekwa field as well as the undeveloped Bunga Raya and Bunga Seroja discoveries in the Malay basin. Bunga Kekwa is currently producing around 18,000 barrels per day of oil through an early production scheme involving an unmanned monopod wellhead platform and a leased floating production, storage and offloading vessel with a 350,000-barrel capacity. Phase two, involving larger platforms and an FSO, seeks to bring on stream the neighbouring finds with targeted production of 40,000 bpd of oil and 250 million cubic feet per day of gas in late 2003.

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