Lundin Flows First Oil from Bertam Field Offshore Sabah

Sweden's Lundin Petroleum AB (Lundin Petroleum) reported Tuesday that its wholly owned subsidiary Lundin Malaysia BV (Lundin Malaysia) has achieved first oil from the Bertam field offshore Sabah in east Malaysia April 5.

The Bertam field has commenced production from four pre-drilled development wells. The remaining production wells will be drilled sequentially and put onstream through the remainder of 2015, with the field’s gross plateau rate of 15,000 barrels of oil per day expected to be achieved by late 2015.

The Bertam field is located on Block PM307, offshore the eastern side of Peninsular Malaysia. Lundin Malaysia is the operator with a 75 percent working interest and PETRONAS Carigali is partner with a 25 percent working interest.

The Bertam field has been developed with a wellhead platform adjacent to a spread-moored FPSO in a water depth of 246 feet (75 meters). The Plan of Development for the Bertam field was approved by PETRONAS in September 2013, with first oil having been achieved within 18 months from approval of the Plan of Development. Through excellent collaboration with all stakeholders, the Bertam field project has been delivered on time and on budget, amounting to approximately $400 million gross.

This is Lundin Petroleum’s third project to be put into production over the last four months and with the Edvard Grieg field coming onstream during the fourth quarter 2015, the Company remains on track to achieve a 2015 exit production rate of in excess of 75,000 barrels of oil equivalent per day.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented:

“Bertam is our first development project in Malaysia and as such we are very pleased to have achieved first oil safely, on schedule and within budget. The Bertam project is an excellent example of how fast-track projects can be developed through close collaboration between ourselves, PETRONAS Carigali, PETRONAS and our contractors.”


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