Baku, Azerbaijan, Oct. 28
By Elena Kosolapova - Trend:
Kazakhstan's Nostrum Oil & Gas PLC plans to construct the GTU3 (gas transfer unit) by late 2016, which will double the production, Nostrum said.
The cost of GTU3 construction will reach up to $ 500 million. As of late September, major procurement on GTU3 project has been completed. Some $224 million was spent on the project.
The company plans to increase production from 40,000-42,000 barrels of oil equivalent per day in 2015 to 70,000 barrels a day in 2017 due to the construction of a new GTU.
The company plans to drill two new production wells and start to drill one appraisal well in the producing fields by late 2015. The company's drilling program-2016 has not yet been approved.
Nostrum Oil & Gas PLC is an independent oil and gas company currently engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin. Its shares are listed on the London Stock Exchange (ticker symbol: NOG).
The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field, in which it holds a 100% interest and is the operator through its wholly owned subsidiary Zhaikmunai LLP. In addition, Nostrum Oil & Gas holds a 100% interest in and is the operator of the Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye oil and gas fields through the same subsidiary. Located in the pre-Caspian basin to the northwest of Uralsk, these exploration and development fields are situated approximately 60 and 120 kilometers respectively from the Chinarevskoye field.
Edited by CN
follow the author on Twitter:@E_Kosolapova