Irkutsk Oil Company Produces Its Ten-Millionth Ton of Oil
Irkutsk Oil Company’s comulative liquid hydrocarbon production exceeded 10 million tons in May 2014. For many years the Company has been steadily increasing its oil and condensate production and expanding its number of both producing and perspective license blocks and fields. When the company was launched in 2000, its oil and condensate production amounted to only 30 thousand tons total from three fields: Yaraktinsky, Markovsky and Danilovsky. Its production increased to 160 thousand tons in 2005 and reached 650 thousand tons in 2010. In 2013, the Group produced 2.894 million tons of oil and condensate.In 2014, Irkutsk Oil company plans to produce approximately 3.6 million tons of oil and condensate. This growth will be achieved by increasing the number of producing wells, integrating world’s leading technologies to increase oil recovery, and gradually bringing new fields into operation. Currently, Irkutsk Oil holds 19 license blocks and fields in Irkutsk region and in the Republic of Sakha (Yakutia). The company produces at Yaraktinsky, Markovsky, Danilovsky and West Ayansky fields. Its current large-scale exploration program will enable the company to add even more producing fields in the near future.
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