Kufpec?s Oseil field to flow first oil late September

Australian listed oil company Kalrez Energy Limited said on Monday it expected first crude to flow from Oseil oil field in Seram Island on September 23 this year, two months behind earlier schedule.

The crude oil produced from the Oseil oil field is to be processed through the onshore facility under construction to deliver the refined products of High sulphur Fuel Oil, which will consist of 93 percent of the crude stream to be sold to the Singapore market and Naptha to be sold within the Indonesian market. Kalrez said the two products are anticipated to be produced on November 8, 2002.

Production from Oseil field is estimated to commence at 12,000 barrels of oil per day from three wells.

Additionally, said Kalrez, a 3D Seismic Program over the Oseil oil field is currently 70 percent complete. This program is anticipated to increase the Oseil reserves,underpinning current development plans for an expansion of the Oseil during 2003.

The Seram (Non-Bula) PSC, where Oseil filed is located, is operated and 97.5 percent owned by Kuwait Foreign Petroleum Exploration Company (Kufpec), while Kalrez holds the remaining 2.5 percent. (alex).