Company news in June 2004 | |||
Tyumenneftegaz Boosts Crude Oil Output in the South of the Tyumen Region by 9.3%, to 403,800 Tons, over 5 Months
Tyumenneftegaz OJSC (makes part of TNK-BP) pushed up crude oil output in the south of the Tyumen Region by 9.3%, to 403,800 tons, in January/May 2004 y-o-y, the company informed on June 24, including 92,100 tons in May, or 15,600 tons more than y-o-y. As the company explained, enhanced output resulted from geological and technical measures, including hydraulic fracturing of formation, effective drainage area treatment, and refined well functioning. 17 operations of hydraulic fracturing of formation were conducted in the Kalchino field, including 4 in May. Due to this, daily yields of wells grew by on average of 39.8 tons. The total of 13,499 meters of wells have been drilled since the start of the year, or almost 1,000 meters above targets, including 5,741 meters of operating wells, and 7,758 meters of semi-wildcat wells. In May 2004, drilling of operating wells in the Kalchino field soared 5-fold, to 2,950 meters, y-o-y, Exploratory drilling rose 3 times, to 1,350 meters. The company develops the Kalchino and North Demiansk fields in the south of the Tyumen Region. According to the most recent data, Tyumenneftegaz plans to extract 1,100,000 tons of oil in the south of the region in 2004 (versus 892,800 tons in 2003). Beta-testing will be continued in the new North Demiansk field. As PRIME-TASS reported earlier, Tyumenneftegaz OJSC pushed up crude oil output by 1.2%, to 873,456 tons, in January/May 2004 y-o-y. In 2003, Tyumenneftegaz OJSC extracted 2.082 million tons of oil, and the output is to be maintained in 2004. The company''s net profit in 2003 was equal to RUR 366.6 million versus net losses of RUR 546.6 million in 2002. In addition, TNK-Uvat OJSC (which also makes part of TNK-BP) is getting ready for development of the Uvat group of fields in the south of the region – 8 blocks with total area exceeding 18,000 square meters and reserves of over 115 million tons of oil. Specialists calculated that, to create a new oil and gas-producing province in the south of the region, $1.3 billion will be required. Total oil reserves in the south of the region are estimated at some 1.5 billion tons.
Source: PRIME TASS