KUFPEC set to start oil project development soon
Monday, October 16 2000 - 03:30 AM WIB
Kuwait-based oil company KUFPEC Ltd. is ready to start the development of its oil project on the Island of Seram, Maluku Province.
The Neraca daily quoted state-owned oil and gas company Pertamina official Sidick Nitikusuma as saying that the company would soon implement the EPIC (Engineering, installation, and commissioning) and O & M (operation and maintenance) activities in the Oseil oil field.
The Oseil oil field was founded and tested in 1993.
The first phase production is expected to start in the first quarter of 2002 at an estimated level of 12,000-18,000 barrel per day.
To realize the plans, KUFPEC signed a cooperation agreement with a consortium of local and Korean companies early this month.
The consortium will develop an oil refining facility with a capacity of 18,000 barrel per day. (*)