Lundin Petroleum AB announced their subsidiary Lundin Malaysia BV has received approval from Petronas to develop the Bertam Field.
The Bertam field is the first development project operated by Lundin Petroleum in Malaysia.
The Bertam field is located in Block PM307, offshore Peninsular Malaysia. Lundin Malaysia will hold a 75% interest as the operator, and Patronas Carigali will hold the remaining 25% interest.
The Bertam field will be developed using a 20 slot Wellhead Platform adjacent to a spread moored FPSO in a water depth of 76 meters. The subsurface development concept consists of 14 horizontal wells completed with Electric Submersible Pumps. The total investment associated with the Bertam field development, excluding any FPSO related costs, is estimated at $400 million.
Ashley Heppenstall, President and CEO of Lundin Petroleum said, “The approval from Petronas of the Bertam Field Development Plan is a major achievement for the South East Asia business. We have built an experienced project team with strong record of completing similar projects and are confident we have the capability to deliver this major project on schedule and on budget.”
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with assets primarily located in Europe and South East Asia. Lundin Petroleum has proven and probable reserves of 202 million barrels of oil equivalent.