Kazakh oil and gas company reduces production

Oil&Gas Materials 28 October 2015 17:11 (UTC +04:00)

Baku, Azerbaijan, Oct. 28

By Elena Kosolapova - Trend:

Nostrum Oil & Gas PLC, an independent oil and gas company of Kazakhstan, engaging in the production, development and exploration of oil and gas in the Caspian Sea basin has slightly reduced the oil production, said the message from the company.

Average daily production of the company from January-September 2015 stood at 44,042 barrels of oil equivalent, compared to 45,204 barrels in the same period in 2014.

The company said that the production volume has decreased due to the unexpected repair work carried out by Intergas Central Asia (ICA) on the export pipeline operated by it.

The pipeline is used by Nostrum to transport its gas.

The repair work is now complete and production is back to normal levels, said the message.

The company said that 49 percent or 21,440 barrels of oil equivalent of the total volume of production from January-September 2015, accounted for the dry gas, 41 percent or 17,978 barrels of oil equivalent - crude oil and stabilized condensate and 10 percent or 4,624 barrels of oil equivalent - liquid petroleum gas.

The company plans to produce approximately 45,000 barrels of oil equivalent per day in 2016.

The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field, in which it holds a 100 percent interest and is the operator through its wholly owned subsidiary Zhaikmunai LLP.

In addition, Nostrum Oil & Gas is the operator of the Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye oil and gas fields through the same subsidiary.

Edited by CN


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