Oseil field in Maluku believed to contain up to 139 million barrels of oil
Monday, April 30 2001 - 05:00 AM WIB
An expert study indicates oil reserves of between 114 and 139 million barrels at the Oseil field of the Seram production sharing contract (PSC) block in Maluku, according to Australian firm Kalrez Petroleum, which owns a 2.5 percent interest in the block.
The study made by Roberto Aguillera, which the company claimed to be a world-renowned expert in naturally fractured reservoirs, also revealed that 33.38 percent of Oseil's oil reserves or between 38 and 47 million barrels were recoverable.
The block is operated by Kufpec, which is a subsidiary of the Kuwait Petroleum Exploration Co.
The Seram Joint Venture expected production at the field to start at the end of the first quarter of 2002, Kalrez said in a statement made available to Petromindo.Com
It further said the consortium of PT Istana Karang Laut and Daewoo Corporation, which had been awarded with the US$61.7 million contract (EPIC) for the installation of production facilities at the block, were continuing their works smoothly despite some delays in recent months due to unusually high rainfalls.
The contract includes the construction of processing facilities and infrastructure, construction of mini refineries/stripping plant to process Oseil crude into high sulfur fuel oil (HSFO) and naphtha, and the construction of an export shipping facility to handle 50,000 dead weight ton (DWT) tankers loading 300,000 barrels per shipment. (Bodega)