News 2024
February 2017Sumatec
Sumatec Resources Bhd is ready to embark on a three-year development plan to ramp up the production of its Rakushechnoye oil and gas field in Kazakhstan towards optimal production of about 2,000 barrels of crude oil per day.
“We are ready to start developing the facilities to optimally extract the hydrocarbon at the Rakushechnoye oil and gas field because oil price has somewhat stabilised and it’s feasible now for us to invest,” general manager (geoscience) Felix Chang told StarBiz recently. Earlier this week, the company had proposed a fund-raising exercise to finance the development of oil and gas facilities in the area. Sumatec currently extracts about 500 barrels of oil per day from the Rakushechnoye oil and gas field. According to Chang, apart from crude oil, the area is also poised to produce condensate, liquefied petroleum gas (LPG) and gas.
The oil and gas reserves in the area is estimated to be at 32.8 million barrels of oil (MMbo) and the gas reserve is estimated to be at 89.3 million barrels of oil equivalent (mmboe). “We have to drill deeper to get to the river of oil and gas reserves. But first, we have to build a gas processing plant to cater for the production of gas that comes together with the oil.
“We expect to gradually start ramping up production in the middle of next year once all the facilities are in place,” he said. Sumatec’s portion of the hydrocarbon will be based on production-sharing contract with its two partners.