Production expected to increase at North Buzachi oil field

energy

Production expected to increase at North Buzachi oil field

By SRI ⋅ July 9, 2008 ⋅

Oil production at the North Buzachi field, developed jointly by CNPC (50 percent), Lukoil and Mittal (25 percent each), is expected to increase by a quarter to 2 million tons this year, Interfax reported on Tueasday citing a source at Lukoil Overseas.

Production is expected to peak at 2.7 million tons of oil in 2012.

Four reservoirs that can hold up to 10,000 cubic meters of oil have been built as part of a project to expand the number of reservoirs and primary oil refining chain. The facilities, scheduled to be launched at the end of 2008, will increase primary oil refining to 5,500 tons a day. Additionally, a program for 100 percent natural gas recovery will also be implemented this year.

The North Buzachi field lies in the Caspian Sea, near the northern part of the Buzachi Peninsula. The field has proven and probable reserves of 87 million tons of oil.

Interfax also reported that KazakhOil Aktobe - a joint venture between Lukoil, Mittal and KazMunaiGas that is developing the Alibekmol and Kozhasai fields in the south of Aktobe region - plans to more than double total production to 2 million tons a year by 2011.