Kazakhstan: Field granted full development status

By OGJ editors

Max Petroleum PLC said the Kazakh government has granted regulatory approval to convert Zhana Makat field in the North Caspian basin of western Kazakhstan to full field development status effective immediately.

The action allows the company to develop and produce the field for as long as a further 25 years and grants it the right to sell 80% of crude oil produced from Zhana Makat on the export market under terms of the Blocks A&E exploration and production contract.

The company, which expects to begin selling crude on the export market in April, said current export sales are generating after-tax net proceeds $22-25/bbl higher than comparable domestic sales.

Zhana Makat is producing 2,100 b/d of oil from Jurassic and Lower Cretaceous reservoirs. Max Petroleum operates five other discoveries.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...