KUFPEC to commence Oseil crude production before Christmas

Kuwait Foreign Petroleum Exploration Company (KUFPEC) said on Tuesday petroleum production from its Oseil field onshore Seram Island, Maluku, will commence before Christmas this year.

?First phase development of Oseil field will commence between December 19 to December 21 with initial output of 8,000 barrels per day (BPD) of crude, with peak production expected to reach 15,000 BPD in February next year,? said KUFPEC Indonesia president David G.S. Lamb in an interview with Petromindo.Com.

Lamb said Oseil field would produce 16- degree API heavy crude with sulphur content of 5.5 percent.

Lamb said the second phase of Oseil development would commence in 2004, which will enable Oseil to produce some 30,000 BPD in 2005.

In 2003, said Lamb, KUFPEC will conduct 800-km seismic acquisition for 2004 exploration campaign in Seram Non-Bula block.

KUFPEC holds 97.5 percent working interest in Seram Non-Bula PSC, where Oseil field is located. Australian oil company Kalrez Energy Limited holds the remaining 2.5 percent.

KUFPEC is looking to farm out up to 40 percent working interest in the PSC. Lamb said some E&P companies have responded to the offer, but no firm deal seen in the near future. (alex)