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  • Kalmneftegaz Will Start Oil Production at the Caspian Block in Kalmykia by the End of 2023

    Kalmneftegaz received a license to develop oil and natural gas at the Caspian oil field in the Lagansky district of Kalmykia and will start production by the end of 2023. This was announced by the Minister of Natural Resources and Environmental Protection of Kalmykia Ochir Dzhambinov.

    Minister’s theses:

    – Kalmneftegaz received a license to develop oil and gas at the Caspian field;
    – it is almost fully prepared for production: there is a fund of drilled wells, a system for collecting and treating oil;
    – it is necessary to bring everything into proper form and put the field into operation;
    – we communicate with colleagues from Kalmneftegaz and understand that it is absolutely realistic to do this before the end of the summer;
    – by the end of the year – definitely;
    – the company is already registered in Kalmykia;
    – when starting work, employment of several dozen people of different specialties will be required;
    – revenues to the budgets of all levels will increase, incl. and to the local.

    Caspian field

    – opened in 1960;
    – in terms of initial recoverable oil reserves, it is classified as medium;
    – according to the features of the geological structure – to complex;
    – current geological oil reserves – about 14 million tons;
    – operating stock is 18 wells.

    Kalmykia is one of the least explored regions in Russia, where only 2 to 8% of hydrocarbon reserves have been explored to date. The assessment of the resource base, according to experts, is about 19 billion tons of reference fuel (toe).

    The republic is interested in becoming a major oil and gas region of Russia.
    At the same time, its geological and geophysical knowledge remains extremely low and does not correspond to the real potential. In 2020, for the first time since Soviet times, large-scale exploration was resumed in the republic.

    Source

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