Company news in July 2004 | |||
News
Information on the intention of Orenburgneft OJSC to implement the seismic prospecting program in the entire Orenburg Region. Mr. Sergey Nazarov, Chief Geologist at Orenburgneft OJSC, said that modern prospecting methods would enable to specify the region''s resource basis. In his words, Orenburgneft OJSC plans to conduct seismic prospecting in the Sorochinsk and Buzuluk group of fields on the total area of 1,300 sq. km; seismic prospecting in the Buzuluk North business unit, for more detailed exploration of the Buguruslan area, is scheduled for 2007. Mr. Nazarov also did not rule it out that crude oil may be available in the east of the Orenburg Region, "In the future, the idea is for prospecting to move eastwards. Possibly, it will be successful." Mr. Nazarov said that contemporary science suggests that crude oil formation is a constant process, to its reserves are inexhaustible. "Already developed fields may be depleted – it depends on what the productive rate will be. Productive rate equal to some 9% of current reserves is normal. We will continue to explore in order to replace reserves and to work constantly," he indicated.
Source: RusEnergy