Irkutsk Oil Company Increased Production by 42% in the First Half of 2016

In June 2016, oil and gas condensate production reached their highest of 23,500 tons a day. In July 2016, the INK Group plans to increase its production to 24,000 tons a day. For 2016, the annual production target is set to 7.5 million tons of oil and condensate, a 130% increase in comparison to 2015. 

Background Information

Irkutsk Oil Company was established on November 27, 2000. The company and its subsidiaries (the Group) are engaged in geological studies, exploration and production of hydrocarbons at twenty three license blocks located in in Eastern Siberia). It is in the top 20 of Russia’s largest oil companies by reserves and production. The Group’s geologists 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%, and last year alone, produced 5.6 million tons of oil and condensate. In 2016, INK plans to supply 7.5 million tons of oil into ESPO (East Siberia – Pacific Ocean) pipeline.