Kufpec starts FEED tender for Oseil Phase II development

Kuwait oil company Kufpec is preparing the second stage development of its Oseil oil field in Seram, Maluku by commencing a tendering process for Front End Engineering Design (FEED) and planning for Phase 2 development drilling, 2.5 percent joint venture partner Kalrez Energy Limited reported on Wednesday.

Kufpec expected the go-ahead decision whether to proceed with Phase II development can be made in the first half of 2003.

Kalrez also said that as at June 30 a 3D seismic program over the Oseil structure and the nearby East Nief structure was 70 percent complete and expected the survey would result in a significant upgrade of oil reserves at Oseil.

A sufficient reserve increase will underpin development of Stage II of the Oseil Oilfield, which could result in an increase in Oseil production to between 40,000 to 60,000 BOPD, said Kalrez.

The first stage of Oseil development is expected to be completed later this year and would expected to flow between 12,000 to 18,000 BOPD.

Oseil field is located within Seram Non-Bula PSC, where Kufpec is the operator and 97.5 percent interest holder. (alex)