Ready for higher oil production in Timan-Pechora
Oil company Naryanmarneftegaz has completed the second train of the Yuzhno-Khilchuyu oil field in the Nenets Autonomous Okrug. The project will help the company, a subsidiary of Lukoil and ConocoPhillips, boost field production to 7,5 million tons of oil per year.
The field, one of the biggest in the Timan-Pechora province, was opened for production this summer. It is linked with a pipeline to the port of Varandey, from where oil is exported through the Barents Sea.
The completion of the second train of the project will help Naryanmarneftegaz increase production to 3,8 million tons per year. The company already next year intends to boost production further to 7,5 million tons, a press release reads.
The Yuzhno-Khilchuyu field holds an estimated of 500 million barrels of oil.
The Naryanmarneftegaz is a joint venture of Lukoil (70%) and ConocoPhillips (30%). It was founded on December 2001 and became a Lukoil- ConocoPhillips joint venture in 2005. The joint venture has 11 licenses, as well as two exploration licenses for two high potential structures, the company informs.
Read also:
Lukoil opens new fields in Timan-Pechora 8 October 2008
New oil field with political mission 8 September 2008
First oil towards unique terminal 5 June 2008
Yuzhnoe-Khykchuyu field opens new era in Nenets oil industry 20 May 2008
