By OGJ editors
HOUSTON, May 17 -- Russian independent Urals Energy Public Co. Ltd., Nicosia, Cypress, assumed financial and operating control of Dulisminskoye oil and gas-condensate field in the East Siberian basin in mid-April and has a $26 million development budget for 2006.
Urals Energy plans to close the $148 million acquisition of the field and LTK pipeline facilities in June 2006. The 230-km LTK pipeline to Ust-Kut is expected to provide 12,000 b/d of early oil capacity starting in the first quarter of 2007.
Consulting engineers estimate proved and probable reserves at 109 million bbl of 40° gravity oil and 1.9 tcf of gas in Lower Cambrian Yaraktin reservoirs at 1,950 ft and 2,000 ft. The goal is to boost output to 12,000 b/d of oil by the end of 2008 from less than 1,000 b/d in April.
Field life is estimated to extend until 2053, and the license is valid through 2019. Full development is believed to require 44 more wells. The field has produced 630,000 bbl of oil since activation in 2001.
A later connection is possible to Transneft's proposed ESPO pipeline to an export terminal at Perevoznaya near Nakhodka on the Sea of Japan. Intended completion is in 2008-09.
An approved development plan calls for Dulisminskoye gas to be flared in 2006-10. Options after that are sales to Gazprom, construction of an electric generating plant, or reinjection for pressure maintenance.
Urals Energy subsidiaries plan to drill 3 development wells and reenter 3 wells at Okruzhnoye oil field on the east coast of Sakhalin island and drill 4 development wells at the Chepetskoye group of oil fields in the northwestern Udmurtia Republic of Western Siberia.
