Kazakhstan

Kazakhstan

KARAZHAMBAS FIELD - KAZAKHSTAN

Benchmark group was one of the founding partners of Nations Petroleum, a privately held Canadian E&P group.  Nations Petroleum management has forged a reputation for heavy oil development projects.  

In 1997 Nations acquired a 95% operating interest in the Karazhambas heavy oil field onshore Kazakhstan through a privatization program by the Government. At the time of acquisition the Karazhambas field had 1.6 Bn barrels of oil in place (18o API) and production of 9,000 bopd.

Between 1999 and 2005 Nations implemented an aggressive work-over and drilling program, introduced screw pumps across the field, and expanded the steam based EOR, investing a total of US$500 million.  As a result production increased to 50,000 bopd from over 1,500 producing wells; operating costs were reduced to $14/bbl; and 2P reserve were increased to 510 MMbbls.

In 2007 Nations sold Karazhanbas to Citic Resources for US$1.9 billion.

 

 

 

 

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