Kazakh oil and gas company plans to double production

Oil&Gas Materials 28 October 2015 19:33 (UTC +04:00)

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

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