▲ Up
 
12:23 30-05-2015
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Sumatec finds more oil at Kazakhstan field

Bishkek (AKIpress) - sumatec Sumatec Resources Bhd says fresh review of its oil and gas field in Rakushechnoye, Kazakhstan has yielded a 14.5% increase in proven oil reserves to 129 million barrels, The Star reports June 24.

“The increase in reserves is the first significant achievement for Sumatec with this asset,’’ Sumatec CEO Christopher Layton Dalton said.

“An additional 10 million barrels of oil is now available under 2P reserves to Sumatec (worth US$175mil in net profit from oil sale) without paying any more than the initial US$95mil,’’ he said in a statement yesterday.

The estimated net profit of US$175mil was based on Brent price of US100 (RM321) per barrel and US$35 per barrel net profit of which Sumatec is entitled to 50% of, after two million barrels of oil has been produced.

Brent crude price was traded at around US$113 per barrel yesterday.

In the same statement, Sumatec has proven 2,059 billion cu ft (bcf) of gas (1 bcf equals to 1 trillion British thermal units) in Rakushechnoye field,

Last year, Sumatec invested US$95mil in the Rakushechnoye oil and gas field and signed a gas development agreement with Markmore Energy (Labuan) Sdn Bhd for the rights to develop and commercialise the project.

Since taking over operations of the field, Sumatec has started its workover programme to ramp up the production to 2000 barrels per day by the end of 2014.


Twitterfacebookprint
17:09 24.06.2014
LATEST NEWS
18:09 Abducted $1.4 mln in cash in Batken still not found: police17:47 Blatter expected to win re-election despite FIFA corruption scandal17:46 Parliament Speaker meets with UK Ambassador as she completes her mission in Kyrgyzstan17:31 Authorities in Bishkek vow bio-waste cremation launch17:24 OSCE promotes good governance principles in Turkmenistan17:20 Authorities in Issyk-Kul to install 50 surveillance cameras across region prior to tourist season kick-off17:15 Country has good tax rates but administration system has outlived – MP17:10 Aksy district head denies selling of Unkur-Too mountain to Uzbekistan17:08 Kyrgyzaltyn Board of Directors approves new company's head17:07 Council of Heads of Governments of CIS signs number of documents in Kazakhstan16:58 Belarus ready to step up trade, economic cooperation16:51 President recommends to reconsider decision on electricity tariffs increase for population to 0.84 som per 1 kWh16:49 China land reclamation in South China Sea creates 'new facts': U.S.16:40 Sariyev urges Belarus to accelerate documents' ratification for Kyrgyzstan to join EEU16:33 Atambayev orders lifelong allowance for tallest man of Kyrgyzstan16:24 Kyrgyzstan asks Kazakhstan to speed up ratification of documents on country's EEU accession16:24 Kazakh president, Vietnam PM discuss coopertation16:11 Police detain members of organized crime group who robbed woman for almost 3,000,000 KGS16:06 Nazarbayev proposes extending highway from China to Russia's St. Petersburg16:00 Hundreds seek safety from Texas floods, severe weather kills 17
Astana
+21° C
Ashgabat
+39° C
Bishkek
+29° C
Dushanbe
+27° C
Tashkent
+33° C
exchange rates
 
63.71
58.15
9.43
1.10
203.76
185.95
30.00
3.53
6.88
6.27
1.01
0.13
2710.18
2512.73
405.44
50.01
3.84
3.50
0.56
0.07

© AKIpress News Agency - 2001-2015. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to www.akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75