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Gold/Mining/Energy : Lundin Petroleum LUPE Sweden -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (573)	8/5/2004 9:00:39 PM
From: Tomas	Read Replies (1) \| Respond to of 646

Alvheim set to fly Upstream, July 30-August 5 issue By Erik Means US independent Marathon has today submitted to the Norwegian authorities its plan for development and operation of the Alvheim field in the North Sea, with estimated capital expenditure of about $1.1 billion. The scheme involves conversion of the multi-purpose tanker Odin to a floating production, storage and offloading vessel, capable of producing in excess of 70,000 barrels per day of oil at peak. Alvheim has estimated recoverable reserves of about 175 million barrels of oil equivalent and is slated to come on stream in 2007. Oil will be exported via shuttle tanker whereas gas will flow through a new pipeline to existing infrastructure in the British sector of the North Sea. Partners in the Alvheim licence are operator Marathon (65%), US major ConocoPhillips (20%) and Swedish independent Lundin (15%).