KazakhOil Aktobe to launch $ 300 million gas plant in November

In November 2011, KazakhOil Aktobe is to launch a new gas facility worth $ 300 million, Bnews.kz quotes the company’s Director General Andrei Reshetnev. “We expect to launch a gas plant to process associated gas coming from Alibekmola and Kozhasai fields to stop gas flaring”, Mr. Reshetnev said. “Construction of the gas processing facility worth $ 3 million is the largest investment project of the company (…) there are 9 drilling machines, that is about 20 new wells to be introduced this year”. The project worth $ 300 million is a major part of the region’s industrialization program. It will enable to process 400 million cubic meters of associated gas a year. KazakhOil Aktobe is to produce 1 million 138 thousand tons of oil this year. Overall Kazakh oil exports in 2010 totaled 71.2 million tons, 4.5% up against 2009. Estimated 2010 oil and condensed gas production stood at 79.7 million tons, 4.2% up against 2009. Major volumes of oil exports were sent through CPC (40,2%), Atyrau-Samara (21,5%), Atasu-Alashankow (14.2%). KazakhOil Aktobe is owned by KazMunaiGaz and Caspian Investments Resources Ltd. (a joint venture of LUKOIL Oversees and Mittal Investments). The company has been developing Alibekmola and Kozhasai fields since 1999.