Business
Gas lift system expansion
Gas lift system expansion.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nFOR IMMEDIATE RELEASE\n \n \nLondon, 24 July 2023\n \nGas lift system expansion\n \nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\" or the \"Company\"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, today announces successful start-up of the new compressor doubling its Gas lift capacity, which helps slowing down production decline from maturing Chinarevkoye field.\nAs the demand for gas lift has been growing due to the majority of the producing wells requiring it to sustain production, in early 2022 Nostrum funded the addition of further compression to raise the capacity of the system from 500 to 900 thousand m3/ day for circa US$8 million. Notwithstanding the significant delays in delivery of the new compressor due to the sanctions on Russia, the Company managed to successfully complete and commence the project in line with budget and without any major HSE incidents. The initial production gains exceed management's expectations and further updates on production guidance will be provided as part of Q3 2023 operational update.\nArfan Khan, Chief Executive Officer, commented:\n\"We are pleased to announce the successful launch of expansion of our Gas lift system without any major HSE incidents and on target with our cost estimates, despite challenges and delays experienced due to the sanctions on Russia. As mentioned earlier, this was an important milestone for the Company to reduce the production decline from our maturing field, and we are keen to maintain the production gains, which are so far exceeding expectations.\"\n \nLEI: 2138007VWEP4MM3J8B29\n \nFurther information\nFor further information please visit www.nostrumoilandgas.com \n \nFurther enquiries\nNostrum Oil & Gas PLC\nUlugbek Makhmadiyarov - Head of Finance\[email protected] &nb...