Kufpec seeks to sell 40 percent working interest in Seram Block
Wednesday, October 16 2002 - 03:09 AM WIB
Kuwait Foreign Petroleum Exploration Company (Kufpec) is offering working interest in its Seram (Non-Bula) production sharing contract (PSC) exploration block onshore Seram Island in Maluku province, and has listed its offer in Indigopool.Com, an upstream marketplace website owned by Schlumberger.
Indogopool.Com said Kufpec is offering to farm-out its working interest up to 40 percent in the Seram block which includes Oseil oil field.
The Seram (Non-Bula) PSC was initially awarded in 1969 and, following relinquishments thereafter, currently comprises an area of 7,620 sq. kilometers. The block also has been extended for a period of 20 years as of October 31, 1999.
As previously reported Kufpec and its joint venture partner Australian Kalrez Energy Limited planned to commence the unprocessed Oseil crude production sale in November 2002. The flow rates during recently production testing are Oseil-1 (8,250 barrels of oil per day), Oseil-2 sidetrack (9,432 BOPD), and Oseil-4 (4,900 BOPD).
The Seram (Non-Bula) block is operated and 97.5 percent owned by Kufpec, while Kalrez holds the remaining 2.5 percent. (robert)