Kazakhstan's Nostrum halting operations at its Rostoshinskoye oil field

Oil&Gas Materials 25 August 2021 13:49 (UTC +04:00)
Kazakhstan's Nostrum halting operations at its Rostoshinskoye oil field

BAKU, Azerbaijan, August 25

By Nargiz Sadikhova - Trend:

Kazakhstan-based Nostrum Oil & Gas PLC has announced the disposal of its rights and obligations under the subsoil use contract for the Rostoshinskoye field, Trend reports citing the company.

The exploration period under the contract for the field is due to expire on August 16, 2022 and the company decided that disposal of its interest in the field was the most cost-effective option for the company.

Reserves of 31.3 million barrels of oil equivalent in respect of the field were classified as contingent resources as at December 31, 2020.

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. 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 holds a 100 percent interest in and is the operator of the Rostoshinskoye oil and gas field through the same subsidiary. Located in the pre-Caspian basin to the north-west of Uralsk, this exploration and development field is situated approximately 100 kilometres from the Chinarevskoye field.


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