Page 11 - FSUOGM Week 44 2022

FSUOGM PROJECTS & COMPANIES FSUOGM

Caspian Sunrise establishes oil

trading subsidiary

KAZAKHSTAN KAZAKHSTAN-FOCUSED oil and gas explo- help the company raise its prices by $5-$10 per
ration and production firm Caspian Sunrise barrel.
Caspian said that announced last week the establishment of an oil Caspian Sunrise also added that it remains
selling oil to the trading division, declared a dividend of GBX0.04 "encouraged" by strong oil shows from Deep
international market per share and gave an update on its current Well 802. The firm expects to test the well before
was currently a less operations. the end of 2022, after drilling a side-track to tar-
attractive option than Caspian Sunrise noted that selling oil to get the first interval of interest.
selling oil domestically. the international market was currently a less Caspian Sunrise will use the rig at Deep Well
attractive option than selling oil domestically A5 in order to move a stuck pipe and target
and the company was thus selling all of its oil in another oil-bearing interval.
Kazakhstan. The company also plans to resume work
The creation of an oil trading subsidiary is at Deep Well A7, while Deep Well A8 will be
meant to take advantage of changes in regu- plugged and abandoned.
lations to allow the company to sell its own oil The firm expects to bring its shallow wells 141
directly to international and domestic buyers and 142 back into production in the first three
starting from 2023. The division is expected to months of 2023. ™

Ukraine's largest gas company

resumes drilling in liberated territories

UKRAINE UKRAINE’S largest gas company, UkrGasVy- company cited acting CEO Oleksandr Roma-
dobuvannya, has resumed drilling in recently niuk as saying.
The company is once de-occupied territories after repairing rigs, During the intense stage of the fighting, Ukr-
again drilling in the Ukraine Business News reported on November GasVydobuvannya focused on drilling new wells
country's east. 4. in central and western Ukraine, with new wells
During the occupation of territories in East- established in the Poltava region and the Lviv
ern Ukraine, drilling facilities were damaged or region in recent months to compensate for losses
suffered from looting. However, Ukrgazvydobu- and increasing hydrocarbon demand.
vannya said that most sites have been repaired With the wells operating efficiently and
and have resumed operations after receiving effectively, UkrGasVydobuvannya plans to
permits from the State Emergency Service and increase its production of hydrocarbons in
undergoing demining operations. 2023. The Poltava well will reportedly produce
UkrGasVydobuvannya was forced to stop 100,000 cubic metres of gas per day, while the
operations in eastern regions in March due to Lviv well is yielding an output of 115,000 cubic
intense fighting, causing a major drop in gas metres per day.
production; however, it is now resuming opera- UkrGasVydobuvannya and Expert Petro-
tions as quickly as possible. The company man- leum started co-operating back in October 2020
aged to launch a well in the Kharkiv Region with under terms of their production enhancement
a production rate of more than 140,000 cubic contract (PEC) to increase the output from
metres of gas per day last month and drilled a exhausted fields. Expert Petroleum has since
record volume of new wells reaching 30,222m been awarded the management of 13 exhausted
in September. gas fields in the Lviv region to increase produc-
“Drilling of new wells has the most signifi- tion by 300mn cubic metres within five years.
cant and sustainable impact in terms of provid- The volume of investments needs to be at least
ing the country with its own Ukrainian gas,” the UAH1bn. ™

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