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Hurricane to increase oil production in the RK to 12 mln tonnes

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15:26 24.10.2001
text: "Kazakhstan Today"
views: [133]

President of the RK N.Nazarbaev on October 22, 2001 met with B.Isottier, Chairman of the Board of Directors of Hurricane Hydrocarbons Ltd.

After the meeting B.Isottier told journalists that he has discussed with Kazakh President the results of the activity of the Hurricane-ShNOS group of companies during last five years and perspectives for future. The main participants of the group are Hurricane Kumkol Munai (HKM) and Shymkentnefteorgsintez (ShNOS).

HKM possesses 11 oil fields of which 4 are producing oil, 3 are being developed, and 4 are being explored. The area of exploration is 1418 square kilometers. As of June 2001, reserves of oil were estimated by independent experts as 68 mln tones, of which 43 mln (64%) are confirmed deposits.

As B.Isottier said, the company is constantly increasing production. This year the company has produced 6 mln tonnes of oil and by the years of 2004-2005 production will be increaed to 12 mln tonnes a year.

B.Isottier said that Hurricane-ShNOS has fulfilled all conditions of the contract in Kazakhstan. By the end of 2002 company will invest US$ 705 mln, whereas initial obligations of the company were US$ 430 mln.

"Hurricane-ShNOS has ambitious plans for future. Next year gas power grid of 40mBT capacity will start working, which will utilize associated gas from Kumkol oil field, as well as pipe line of 176 km long connecting Kumkol, new fields of Kzylkiya, Aryskul, Jaibulak with railway terminal at Jusaly station of the Kyzyl-Orda region. Moreover, in December 2001 Hurricane Hydrocarbons Ltd. Intends to buy shares of CPC" - concluded B.Isottier.