Irkutsk Oil increased oil and gas condensate production by more than a third in 2014
December 29, 2014
In 2014, Irkutsk Oil Company produced over 4 million tons of oil and gas condensate, a 38% increase compared to the previous year. In 2015, the company plans to increase its production of liquid hydrocarbons by 50%, aiming to produce 6 million tons. In November 2014, the company’s cumulative production of liquid hydrocarbons since inception exceeded 12 million tons.
In 2014, Irkutsk Oil Company produced over 4 million tons of oil and gas condensate, a 38% increase compared to the previous year. In 2015, the company plans to increase its production of liquid hydrocarbons by 50%, aiming to produce 6 million tons. In November 2014, the company’s cumulative production of liquid hydrocarbons since inception exceeded 12 million tons.
The company is growing its production primarily by increasing the number of wells and implementing technologies to increase its oil recovery rate. Furthermore, INK plans to continue growing its oil recovery rate to maximize the development of small oil fields.
During 2014, the company’s operational and exploratory drilling amounted to 300,000 meters, a 1.7 times higher than in 2013. The company plans to further increase drilling by 25% in 2015, aggregating to 375,000 meters.
