Oil company cuts production in Kazakhstan

Kazakhstan Materials 21 January 2016 23:14 (UTC +04:00)

Baku, Azerbaijan, Jan. 21

By Elena Kosolapova - Trend:

Nostrum Oil & Gas pls, operating in Kazakhstan, reduced the average daily production of oil and gas to 40,402 million barrels of oil equivalent in 2015. In 2014 this figure was 44,400 million barrels of oil equivalent per day, according to the company's unaudited financial statements published on its website Jan. 21.

During this period, the company produced 16,877 million barrels of oil equivalent and stabilized condensate, liquefied natural gas - 4,335 barrels of oil equivalent, dry gas - 19,191 barrels of oil equivalent.

Reducing production caused by repairs on the "Intergas Central Asia" pipeline in October, which the Nostrum company uses to transport its gas, the report said.

Nostrum Oil & Gas plans to produce of 45,000 barrels of oil equivalent per day in 2016 (based on current oil prices), 45,000-60,000 barrels of oil equivalent per day in 2017, and about 60,000-100,000 barrels of oil equivalent per day in 2018.

The company plans to drill three wells in the first half of the year for maintaining the level of production. At the same time capital costs of drilling will be reduced from $100 million to $50 million (including repair work on existing wells) in 2016.

Its main asset is the Chinarevskoye field, which it develops through its wholly owned Zhaikmunai. Other assets currently include the Rostoshinskoye field, the Darjinskoye field, and the Yuzhno-Gremyachenskoye field, which are all located in the vicinity of the Chinarevskoye field and its Gas Treatment Facility (GTF).


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