BAKU, Azerbaijan, Apr. 27
By Nargiz Sadikhova - trend:
Kazakhstan-based Nostrum oil and gas company carried out an internal review of its reserves as of December 31, 2020, Trend reports citing the company.
As a result, Management estimated that the Chinarevskoye total Proven plus Probable (2P) reserves as of December 31, 2020, were 39 million barrels of oil equivalent (mmboe).
This represents a reduction of 91 mmboe versus the reserves reported previously, after adjusting for production in 2020. The revisions in reserves are mainly due to the downgrade of reserves attributed to the development of the Biyski-Afoninski West and North-West reservoirs to the Contingent Resources category.
In addition, there has been a reduction in the development drilling program across the Chinarevskoye reservoirs due to reservoir performance concerns and a less favorable product pricing outlook.
The 2P reserves of 39 mmboe assume 16 well interventions, including one appraisal well, with a total estimated drilling cost of $75 million (2019: 138.1 mmboe requiring 45 interventions for a total estimated drilling cost of $324 million).
Nostrum Oil & Gas PLC is an independent oil and gas company currently engaging in the production, development, and exploration of oil and gas in the pre-Caspian Basin. Its shares are listed on the London Stock Exchange. The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field, in which it holds a 100 percent interest and is the operator through its wholly-owned subsidiary Zhaikmunai LLP.
In addition, Nostrum Oil & Gas holds a 100 percent interest in and is the operator of the Rostoshinskoye oil and gas field through the same subsidiary.
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