Oil company downs production in Kazakhstan

Oil&Gas Materials 26 October 2016 17:32 (UTC +04:00)

Baku, Azerbaijan, Oct. 26
By Elena Kosolapova - Trend:

Nostrum Oil & Gas, an independent oil and gas company engaging in the production, development and exploration of oil and gas in Kazakhstan, reduced oil production in Jan-Sept. 2016, the company said Oct. 26.

The company produced 38,901 barrels of oil equivalent per day (boepd) in this period compared to 44,042 boepd in the same period of 2015. The product split for the first nine months of 2016 was as follows: crude oil and stabilized condensate – 15,579 boepd, liquefied petroleum gas – 4,350 boepd, dry gas – 18,972 boepd.

Nostrum Oil & Gas’s current production exceeds 44,000 boepd.
The company also said that construction of the Gas treatment unit 3, which will more than double the company’s production capacity, is progressing on schedule for completion in 2017.

Based on the current drilling program and taking into account the current oil price the company plans to increase production to 40,000- 60,000 boepd in 2017, 60,000- 90,000 boepd in 2018 and 90,000- 100,000 boepd in 2019. Should oil prices deviate materially the production guidance will be updated accordingly.

The principal producing asset of Nostrum is the Chinarevskoye field in Kazakhstan, in which it holds a 100 percent interest and is the operator through its wholly-owned subsidiary Zhaikmunai LLP.
In addition, Nostrum holds a 100 percent 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 north-west of Uralsk, these exploration and development fields are situated approximately 60 and 120 kilometers respectively from the Chinarevskoye field.

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