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Malaysian company wants to tap Kazakhstan's oil

11 october 2012, 17:49
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Oil field at the map of Sumatec Resources
Oil field at the map of Sumatec Resources
Sumatec Resources plans to start oil production in Rakushechnoe field in Kazakhstan, KazTAG reports citing Malaysian media.

“Based on the plan of restructuring, the debt of Sumatec Resources will be wiped out from its balance and the company will be able to start exploration and production of hydrocarbons in Kazakhstan,” CEO Chris Dalton said. According to him, Malaysian oil and gas company plans to switch to a business-model based mainly on exploration and production of oil and wants to take a central place in development and production of oil from Kazakhstan’s Rakushechnoe field.

“Sumatec will have a firm business foundation for operations in Kazakhstan. This country is ranked 11th in the world by proven oil reserves with 30 billion barrels,” Dalton said. Recent signing of a joint investment agreement between Sumatec Resources, Markmore Energy and Caspi Oil Gas gives Sumatec a direct access to explored oil and gas resources of 122 million barrels of oil equivalent.

“Exploration is the most risky stage. However, most of the exploration program at Rakushechnoe field has been completed and the reserves have been proven. This eliminates early risks for Sumatec and promises lasting profits as this field is currently at the production stage,” Dalton said.

Rakushechnoe field is located in West Kazakhstan 15km from the Caspian Sea and 105km south-east of Aktau city. “The cost of Sumatec's entering Rakushechnoe field is very low considering the size of the reserves. Low costs and the fact that the field is at the production stage make it very attractive for the first investment of the “new” Sumatec,” Dalton said.

Head of Sumatec noted that Kazakhstan field produces high-quality oil with low sulfur content and this will allow Sumatec get good profits from sales. Currently the field produces less than 1 thousand barrels per day, but Sumatec plans to increase the production in 2013. “We plan to start a 5-year drilling cycle in the middle of 2013. This program will significantly increase the field’s output,” Dalton stated.

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