Petrom invests 180 million euros in an oil field in Kazakhstan

Petrom started the oil exploration of Kazahstan’s Komsomolskoe oil field where the company expects to reach a plateau rate of 10,000 boe for the following years, the project absorbing 180-mn euro investment.

“We are very pleased we made this major step in obtaining the first results of production at Komsomolskoe oil field. “We are very pleased to having achieved this milestone of first oil production from the Komsomolskoe field. Developing a mid-sized oil field in around one and a half years in a remote and environmentally sensitive area of the Caspian Sea is a big achievement and will bring us closer to our strategic objective of raising the international production level of around 20,000boe/day in the Caspian region”, said Johann Pleininger member of Petrom’s executive board.

The reserves in the Komsomolskoe oil field, located in West Kazakhstan onshore a Caspian peninsula, are estimated at 34 million barrels. The initial production is approximately 1,000 bbl/d and will increase steadily as further wells are opened for flow.

The development plan comprised the drilling of six horizontal production wells and additional new vertical wells for gas and water injection. In addition, eight previously drilled vertical wells were completed as production wells.

The development plan also included the construction of a collection system, central processing facilities, a tie-in pipeline and transfer station to the pipeline grid of KazTransOil, as well as infrastructure and auxiliary facilities.

Petrom has entered Kazakhstan in 1998 and holds exploration and production licenses for six fields: Tasbulat, Aktas, Turkmenoi, Komsomolskoe, Zhilankyr and South Rovnaya. Petrom’s activities in Kazakhstan are run through Tasbulat Oil Corporation LLP (100% owned by Petrom) and Kom Munai LLP (95%owned by Petrom).

In 2008, Petrom’s daily production of oil and gas in Kazakhstan reached approximately 5,700 boe/day, up by 24% compared to 2007.

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