Kazakhoil drilled first oil well on Prorva field

/IRBIS, July 20, 00/ - According to the Reuters, Kazakhstan National Oil-Gas company Kazakhoil completed drilling of the first oil well at Prorva oilfield. The field has 16.12 mln tons of geological oil reserves. It is intended to drill 12 more wells under the investment program over development of this field. Expected production of wells is 20 tons per day. At present, the wells are tested on oil inflow process. The company plans to achieve 140,000 tons of oil production per year at this field by year 2002 and 348,000 tons in the next three years. The payback period of the project is three years. The project is financed by floatation of company's bonds at domestic market. In total $2 mln out of $16 mln were already invested. Kazakhoil Emba, subsidiary of Kazakhoil is holding a license on conduction of drilling works at the sites. It is estimated that by January 1, 2000, total recoverable reserves amounted to 6.928 mln tons (geological 16.120 mln). Kazakhoil was created in 1997. The company executes exploration, development and refining of carbohydrates.