10-million-ton of oil extracted from LUKOIL project in Kazakhstan

June 20. Trend. Astana

By D. Mukhtarov

10-million-ton of oil extracted from LUKOIL project in Kazakhstan“Kazakh Oil Aktobe”, stated that 10-million-tons of oil have been produced since Alibekmola and Kozhasai fields were first exploited, “Lukoil Overseas Service BV” said on Thursday.

Shareholders of KazakhOil Aktobe are the National Company KazMunaiGas (50 percent), LUKOIL (25 percent) and China’s Sinopec (25 percent). The company is developing Alibekmola and Kozhasai oil and gas fields, located in the Mugalzhar region, Aktobe area (north-west of Kazakhstan), 270 kilometers from the Aktobe regional center.

The fields were discovered in 1987. An operating company was established in 1999 and a contract on subsoil use for a period of 25 years was signed. The production started in December 2001. The first million tons of oil was extracted at the contract area in 2004. LUKOIL joined the project in 2005. It has invested over $ 300 million in the project. The total number of employees at “KazakhOil Aktobe” is more than 600 people. Around 99 percent of them are Kazakh citizens.

The total hydrocarbon reserves in Alibekmola and Kozhasaya exceed 60 million tons. The production at “KazakhOil Aktobe” is constantly growing. It totaled 1.25 million tons of oil and 63 million cubic meters of gas in 2012. It is planned to reach the peak production (1.4 million tons per year) in 2015.

LUKOIL plans to invest $ 300 million in the further development of the project until 2023.