Lundin?s Indonesian liquids production slightly down in Q3

Swedish oil and gas exploration and production company Lundin Petroleum AB reported Thursday its Indonesian net production was slightly down to 231,987 barrels of oil equivalent (BOE) in the third quarter of 2003 from previous quarter of 233,784 BOE, while sales volume increased significantly to 265,111 BOE from 143,303 BOE.

In its quarterly report, Lundin said realized price for sales in Indonesia for the third quarter was US$25.79 or down from US$26.85 in the second quarter.

The company also said, its Indonesian total liquids production reached 681,582 BOE for the Jan-Sept period this year.

Lundin?s liquids productions come from its participating interest in Salawati Basin production sharing contract (25.9 percent) and Salawati Island join operating body (14.4 percent), which are located in Papua Province. Both blocks are operated by PetroChina.

According the report, during the third quarter, a 3D seismic acquisition in the Salawati Island was completed, while the interpretation is ongoing. ?An exploration well on Salawati Island is planned for the fourth quarter of 2003,? Lundin said.

Lundin added that the joint venture of Salawati Basin PSC planned to commence a new 3D seismic in the first quarter of 2004.

Aside from the two production blocks, Lundin also holds operatorship in Banyumas PSC (50 percent), Blora PSC (40 percent), Sareba PSC in Papua (100 percent), while in Lematang PSC, which is operated by PT Medco Energi International, Lundin has a 15 percent of working interest. (robert)