Azernews.Az

By Aynur Jafarova

Ten million tons of oil has been produced in the Alibekmola and Kozhasai fields since they were first exploited, Lukoil Overseas reported on June 20 with the reference to KazakhOil Aktobe Operating Company.

Shareholders of KazakhOil Aktobe are the National Company KazMunaiGas (50 percent), LUKOIL (25 percent) and China's Sinopec (25 percent). The company is developing Alibekmola and Kozhasai oil and gas fields, located in the Mugalzhar region, Aktobe area (north-west of Kazakhstan), 270 kilometers from the Aktobe regional center.

The fields were discovered in 1987. An operating company was established in 1999 and a contract on subsoil use for a period of 25 years was signed.

The production started in December 2001. The first million tons of oil was extracted at the contract area in 2004.

Lukoil joined the project in 2005. It has invested over $300 million in the project.

The total hydrocarbon reserves in Alibekmola and Kozhasaya exceed 60 million tons. The production at KazakhOil Aktobe is constantly growing. It totaled 1.25 million tons of oil and 63 million cubic meters of gas in 2012. It is planned to reach the peak production (1.4 million tons per year) in 2015.

Lukoil plans to invest $300 million in the further development of the project until 2023.

Being Russia's largest investor in oil and gas sector of Kazakhstan, Lukoil holds a stable leading position for production volume in the country.

Lukoil has been working in Kazakhstan since 1995. The company has invested $7 billion in Kazakhstan's economy and works actively in various projects.

Lukoil operates in the Kazakh fields such as Atash, Tyub-Karagan, Kumkol, Karachaganak, Arman, North Buzachi, Karakuduk, Zhambay, Alibekmola and Kozhasai.