Investors nervous as Petrolinvest drills deeper for oil
"At BMB Munai trial production will be launched at the end of the year, while exploitation of OTG at the beginning of 2009," said Paweł Gricuk, president of Petrolinvest.
According to the stock-listed firm, exploratory bore-holes confirm that deposits might reach 200-300 million barrels at OTG, while the whole potential might be as high as 960 million barrels according to McDaniel & Associates Consultants Ltd.
So far the firm drilled down to 6,750 meters and it is 150 meters short of its target, but according to sources there are some problems related to deep bores. "It is true that drilling at such depth is difficult and more expensive, but we have no information that there are any problems with pressure. It is worth mentioning that the best deposits of Kazakh oil can be found at this depth," said the CEO.
Sources: Puls Biznesu, Parkiet (M.M.)
According to the stock-listed firm, exploratory bore-holes confirm that deposits might reach 200-300 million barrels at OTG, while the whole potential might be as high as 960 million barrels according to McDaniel & Associates Consultants Ltd.
So far the firm drilled down to 6,750 meters and it is 150 meters short of its target, but according to sources there are some problems related to deep bores. "It is true that drilling at such depth is difficult and more expensive, but we have no information that there are any problems with pressure. It is worth mentioning that the best deposits of Kazakh oil can be found at this depth," said the CEO.
Sources: Puls Biznesu, Parkiet (M.M.)
