/Kazakhstan today, November 22, 04/ - Nations Energy Ltd. continue to invest into Karazhanbas oilfield development. According to the president of the company, Mr. Hashim Djojohadikusumo the investments volume will reach $120 million in 2005.

The average daily production at present is 48 thousand barrels of oil per day. Within the next two years the company intends to increase it up to 80-90 thousand barrels of oil per day. Since 1997 Nations Energy Ltd. has already invested into Karazhanbas oil deposit over $250 million, Mr. Djojohadikusumo noted.

The Karazhanbas field was discovered in the 1970s and was in decline until Nations acquired it in 1996 and drilled new or recompleted wells and added facilities. The field is located on Buzachi peninsula, 230 km away from Aktau in West region of Kazakhstan. Karazhanbasmunay OJSC is the sole operator of the Karazhanbas field.

According to Mr. Djojohadikusumo, Nations Energy Ltd. is planning to liven up the work in Azerbaijan where it is participating in Kemaleddin-Mishovdag and Padar-Kharami onshore fields development. He also informed that Nations Energy Ltd. is negotiating with SOCAR management.

[2004-11-22]