PETALING JAYA: Reach Energy Bhd’s Emir-Oil asset in Kazakhstan has obtained production contracts for the North Kariman and Yessen fields, which would allow for commercial production of oil and gas from these fields for a period of 16 years and 25 years respectively starting from Jan 1.
Reach Energy said this is a testament to Emir-Oil’s strong relationship with Kazakhstan’s Ministry of Energy (MoE), coupled with the observed commercial attractiveness of both fields from previous well tests. This achievement is significant to Emir-Oil’s master development plan to integrate the Kariman and North Kariman fields as one large hydrocarbon bearing structure in the near future.
“Yessen has also shown good productivity in its wells from past well tests, and the company plans to exploit this new commercial field with best-in-class reservoir management practices,“ REB said in a stock exchange filing.
As Emir-Oil’s previous exploration contract-482 period is until Jan 9, a three-year extension to the 791.01km2 exploration contract has been awarded by MoE. The extension of this exploration contract is until Dec 31, 2022.
This extension consists of eight exploration projects that cover the entire exploration acreage, and Emir-Oil has strategically selected three low-risk exploration well targets as part of EmirOil’s commitment to this extension.