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

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To: Tomas who wrote (2717)	9/4/2001 10:47:54 AM
From: Tomas	of 2742

Lundin Oil: Hanoi gives pipe go-ahead Upstream, September 3 Vietnam's government has approved a feasibility study by state oil company PetroVietnam to build a $200 million pipeline to transport offshore gas from the Malaysia-Vietnam Commercial Arrangement Area to industrial users in the south-west of the country. The 332-kilometre pipeline would take gas from Lundin Oil's PM-3 block, which lies some 600 kilometres south-west of Ho Chi Minh City in the Malay basin. Upstream reported in mid-July that PetroVietnam would be the main investor in the planned pipeline but would also be seeking foreign investments. The pipeline would transport gas to a urea and power complex in Ca Mau province in the far south of Vietnam. Meanwhile, the Vietnam Economic Times newspaper reported that a consortium led by a PetroVietnam company had won two contracts valued at $116 million to build crude tapping facilities in block PM-3. Company officials were not available for comment because of a public holiday in Vietnam, Reuters reported. The newspaper said a consortium headed by PetroVietnam's Petroleum Technical Service would build a central technology processing unit worth more than $100 million and five rigs worth $16 million for Lundin Oil. The Swedish independent is currently implementing phase two of the Bunga Kekwa development, which will deliver maiden gas supplies to Malaysia in 2005. ________________________________________________________________ Lundin Oil: PTSC Wins International Bids Vietnam Economic Times, September 3 The PetroVietnam Technical Service Company (PTSC)-led consortium has just won two international bids worth a total of $116 million. The first $100-million project involves a contract to design, procure and install central technical frames and the second project worth $16 million is concerned with installing five oil rigs for the Swedish oil company Lundin in the PM3 block in the overlapping zone between Vietnam and Malaysia. The consortium comprises PTSC, Vietsovpetro and Hyundai (South Korea). PTSC is a firm under PetroVietnam specializing in providing technical services to oil and gas producers.

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