Kazakh company increases oil and gas production

Oil&Gas Materials 16 January 2012 14:04 (UTC +04:00)

Azerbaijan, Baku, Jan. 16 / Trend E. Kosolapova/

Zhaikmunai LP (ZKM), the oil and gas exploration and production enterprise based in northwest Kazakhstan reached stable operations at 42,000 boepd, the company reported on Monday.

"Zhaikmunai's overall daily production currently stands at 42,000 boepd. Crude oil and stabilized condensate currently account for 18,900 boepd of production, LPG accounts for 2,520 boepd of production, and the remainder 20,580 boepd is dry gas," the company said.

ZKM is realizing production from eight gas condensate wells and twelve oil wells.
Moreover, the company expects to reach peak production levels of 48,000 boepd by the end of the first quarter of 2012.

The gas treatment facilities of ZKM are currently producing 35,200 boepd. This level will increase to a maximum capacity of 40,000 boepd following the planned mid-February 2012 connection of another gas condensate well. According to the company, this well has already been drilled and successfully tested. The necessary connection infrastructure will be completed in the course of the ensuing four weeks.

ZKM's oil treatment facility production will equally be maximized to reach its peak level of 8,000 bbl per day in the course of the first quarter of 2012 resulting in a total production of 48,000 boepd. According to the company, these results will follow the planned connection of two more oil wells in March 2012. Both wells are currently being drilled, tested and completed.

Zhaikmunai is an independent oil and gas enterprise currently engaging in the exploration and development and production of oil and gas. It is listed on the London Stock Exchange (Ticker symbol: ZKM). Its principal producing asset is the Chinarevskoye Field located in north-western Kazakhstan.