KUFPEC sees Oseil field?s output higher this year

The Oseil field at the Seram (Non Bula) PSC in Maluku is projected to produce 1,594,156 barrels of crude oil (4,367 BPD) this year or about 53 percent higher compared to the last year?s output of 1,040,041 barrels (2,849 BPD).

Australian oil company Lion Energy Limited, which is one of the owners of the block, said on Tuesday the Oseil field, the sole producing field in the block, had produced an approximately 3,200 BPD at the end of January. However, the field?s output is projected to reach 4,900 BPD after the completion of workovers program at two production wells.

Kuwaiti oil firm KUFPEC (Indonesia) Limited operates the block with 97.5 percent working interest, while Lion holds the balance.

KUFPEC is seeking another joint venture partner to acquire up to 40 percent of its interest in a bid to accelerate the development of the field.

The company has completed the construction of a 22,000-BPD topping plant with export and storage facilities at the field. (Robert)