KazMunaiGas discovers new oil

KazMunaiGas Exploration Production JCS has announced a new discovery in the Bashkirian tier’s sediments of the Carboniferous period in the Rozhkovskoye field, Tengrinews reports citing the press office of the company.

"During drill stem testing of the U-24 well that was drilled in 2013 in the north-east wing of the field, we discovered free-flowing light dry crude and gas with maximum flow rates of 1.9 kboe/day and 6 million cubic feet/day, respectively, with 24/64” (9.5 mm) choke in the Bashkirian period,” the company said.

Before this finding the exploration works in the section of the field were focused on the Bobrikovskiy and Tournaisian horizons.

“The oil reserves of the new discovery were not included into the 2013 year end reserves assessment audited by Miller & Lents Ltd. (...) The flush discovered in the new Bashkirian deposit increases the chance that the estimated reserves of the Rozhkovskoye field will be increased. Further explorations will determine the quantity of the increase," the company said

“The discovery of Bashkirian deposit on Fyodorovskiy block confirmed the high potential of this asset. This discovery is the result of consistent implementation of the planned exploration works focused on replenishment and growth of the Company’s resource base,” Abat Nurseitov, the Chief Executive Officer of KMG EP said.

The reserves of 2P liquids hydrocarbon at Rozhkovskoye field increased from 5.4 mt in 2012 to 7.9 mt in 2013. The production at the Rozhkovskoye field explored by Ural Group Limited will start in 2017. The company fully owns Ural Oil and Gas LLP that holds the exploration license for the Fyodorovskiy block (70 km east of Uralsk city) in Zelenovsk district of Western Kazakhstan Oblast.

KazMunaiGas Exploration Production JCS acquired a 50% stake in Ural Group Limited from Exploration Venture Limited in 2011.