Irkutsk Oil increased 1st quarter production by 61% compared with the same period of 2010
Irkutsk Oil Company produced 252.9 thousand tons of oil and condensate in the 1st quarter of 2011, a 61% increase over the same period of the last year. An increase was reported at all of the company’s producing fields including Yaraktinsky (206,000 tons or 63.3% increase) and Danilovsky (35,200 tons or 36.6% increase). The company produced 5,100 tons of oil and condensate at Markovsky and 3,900 tons at West Ayansky fields in the 1st quarter alone.
The company’s target is to reach 1 million tons of production in 2011, which would be a 1.5 increase compared with last year's production. Increase in production is attributed to an extensive drilling program and an application of advanced drilling techniques.
Since January 2011 the company’s major fields are connected to the Transneft’s ESPO pipeline, which enables the company to accommodate the growing production. Irkutsk Oil Company has started a construction of the pipeline between Danilovsky and Yaraktinsky fields to secure all-year-round production at Danilovsky field.
he Company currently holds twelve licenses, of which four are production, seven are combined exploration and production licenses and one is an exploration license in the process of conversion into a combined license.
Photo: INK’s tie-in point to ESPO
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