Turgay Petroleum to produce over 3mln tons of oil from Kumkol in 2009

Oil&Gas Materials 5 October 2009 11:51 (UTC +04:00)

Kazakhstan, Astana, Oct. 5 / Trend , K.Konyrova/

JSC Turgay Petroleum plans to produce 3,223,748 tons of oil in 2009, the JSC General Director, Alik Aydarbaev told Trend .

"In 2008, production volume of our company was 3,255,272 tons and this year we plan to get 3,223,748 tons," said Aydarbaev.

He said the decline in oil production in the Kumkol field, which is developed by the JSC Turgay Petroleum, is a natural and by 2010 this figure will drop to 3 million tons.

Aydarbaev said that coefficient of oil recovery is the highest in the country - almost 58 percent, while this figure averagely is 25 percent in Kazakhstan.

"The reason for this high rate of oil recovery is not only that we use modern methods of production, but also that these are natural characteristics of our two major fields - Kumkol and Akshibulak. This year we intend to drill an additional 40 wells, which should enhance recovery rates," the JSC Turgay Petroleum General Director said.

An operator of development of the Kumkol field is Turgay Petroleum - a joint venture on a parity basis between LUKOIL Overseas and PetroKazakhstan (group CNPC).

The field was discovered in 1984. Turgay Petroleum operates at Kumkol since 1995. Recoverable reserves amount to more than 20 million tons of oil.

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