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Lundin terminates M3nergy FPSO deal

M3nergy FPSOLundin Petroleum terminated a US$265 million deal with M3nergy Investment for the sale of the Bertam floating production and storage offloading (FPSO) vessel after the Malaysian company failed to secure the required financing.

The deal was inked in 22 January with the M3nergy Berhad subsidiary.

Meanwhile, at the Bertam field on Block PM307, production is ahead of its forecast at 8600 boe/d, according to Lundin’s Q2 report.

The Bertam field has been producing from 11 wells as of mid-October 2015 with one additional well, the A15 well, commencing production in June 2016. The A15 well results were better than prognosed with production being constrained by facilities limitations.

Overall field performance is better than prognosed due to better than expected reservoir performance and this outperformance has been partially offset by the shut-in of two production wells during the reporting period in relation to replacement of downhole electrical submersible pumps and for production shut-ins due to moving the drilling rig.

The West Prospero jackup came off contract towards the end of May 2016. The Bertam FPSO continues to achieve an excellent uptime of 98% for the reporting period.

Lundin Petroleum has identified several infill drilling targets on the Bertam field.

The Original Written by  OE Staff