Irkutsk Oil’s Production Exceeds 23,000Tons A Day
Within the last year and a half, hundreds of Irkutsk Oil’s specialists worked towards the goal of achieving the growth of INK’s oil and gas condensate production. Furthermore, the INK Group optimized flooding pattern using geological and hydrodynamic models and installed a downhole pumping equipment at the producing wells, improving a large number of supportive processes in parallel.
Oil and gas condensate production reached an all-time high of 23,000d tons a day in May 2016. For comparison, in 2001, Irkutsk Oil produced only 30, 000 tons of liquid hydrocarbons per year. In July 2016, INK Group plans to increase its production to 24,000 tons a day. By the end of 2016, the output is expected to reach 7.5 million tons a year.
INK Group has produced 2.9 million tons of crude oil and condensate in the first 5 month of 2016, a 41% increase relative to the same period in 2015.
Irkutsk Oil continued to actively develop its core asset, the Yaraktinsky field. With a total number of 209 producing wells at the Yaraktinsky, INK continues to construct well pads (19 well pads at the Yaraktinsky field built this year) and furthers production at the existing ones. In addition, the Ichyodinsky field (discovered within West Yaraktinsky license block in 2012) shows significant increase in oil production.
Background InformationIrkutsk Oil Company, LLC (INK) was established on November 27, 2000. INK holds a group of companies conducting geological study, exploration and production of hydrocarbons in 23 license blocks in Eastern Siberia. INK holds a position in the top 20 largest Russian oil companies (by reserves and production). INK and its subsidiaries (collectively INK Group) have discovered eight new oil and gas fields in the Irkutsk region and the Republic of Sakha (Yakutia). Within the last five years, INK boosted its production by 450 percent and, last year, produced 5.6 million tons of oil and condensate. In 2016, INK plans to supply 7.5 million tons of oil to ESPO (East Siberia – Pacific Ocean) pipeline.
|Irkutsk Oil Company Increased Production by 42% in the First Half of 2016||Markovsky oil distribution hub becomes independent in energy consumption|