Seram PSC produces oil at 2,434-2,650 bpd in H1

By Harry Roy Gunawan

Australia-listed firm Lion Energy Ltd said the Seram (Non Bula) Block produces oil at an average of between 2,434-2,650 barrels of oil per day (bpd) in the six months to June this year.

In January, the block produces 2,479 bopd, then increased to 2,650 bpd in February; 2,635 bpd in March; edged down to 2,558 bpd in April; 2,516 bpd in May; and fell to 2,434 bpd in June, 2012.

The block contains the Oseil oilfield and surrounding structures which have since initial field start-up in January 2003, produced cumulative crude oil production of 10,732,186 barrels as at 30 June 2012 accompanied by 5.697 bcf of natural gas, most of which is utilized to generate electricity on site for the operations.

Lion, through its subsidiary Lion International Investment Ltd, holds a 2.5 percent shareholding in the Seram (Non Bula) Block Renewal Production Sharing Contract.

The major shareholder and Operator of the Joint Venture is CITIC Seram Energy Limited (51 percent). Other partners include KUFPEC (Indonesia) Limited (30 percent) and Gulf Petroleum Investment (16.5 percent).

Editing by Roffie Kurniawan