Company news in June 2004 | |||
Verkhnechonskneftegaz to Draft Business-Plan for Oil Pipeline Construction from the Verkhnechonsk Field by Late in July
Verkhnechonskneftegaz JSC (Irkutsk Region) will draft a business plan for construction of field oil pipeline from the Verkhnechonsk field with annual throughput of up to 400,000 tons of oil by late in July, informed the enterprise''s General Manager Maxim Bezriadin to Interfax Sibir agency. In his words, the cost of construction will become known by that time. Maxim Bezriadin noted that the company was planning to pump oil from the Verkhnechonsk field through the pipeline to Ust Kut (a distance from the field is about 550 km) all the year round, from where it will be carried by rail transport. According to the company''s head, Verkhnechonskneftegaz will "enter" the field in this season. Power plants and a settlement for rotation workers would be built there, he said. Verkhnechonskneftegaz was registered in May 2002 as a 100% subsidiary of RUSIA Petroleum. In August 2002, the license for hydrocarbon extraction and prospecting of the Verkhnechonsk oil and gas condensate field was re-registered for the company in August 2002. In December 2003, RUSIA Petroleum JSC finalized the sales of shares in Verkhnechonskneftegaz to its shareholders. Upon completion of all transactions, the major shareholders in Verkhnechonskneftegaz are BP (33.55%), TNK (29.16%), Interros (25.94%), and the Irkutsk Regional Administration (11.29%). The extractable reserves of the Verkhnechonsk field stand at 201.6 million tons of oil, 95.5 billion cubic meters of gas, and 3.3 million tons of gas condensate.
Source: INTERFAX