Sumatec set to expand Kazakh oil and gas facilities

TheStar Thu, Feb 23, 2017 08:15am - 7 years View Original


KUALA LUMPUR: Sumatec Resources Bhd is ready to embark on a three-year development plan to ramp up the production of its Rakushechnoye oil and gas field in Kazakhstan towards optimal production of about 2,000 barrels of crude oil per day.

“We are ready to start developing the facilities to optimally extract the hydrocarbon at the Rakushechnoye oil and gas field because oil price has somewhat stabilised and it’s feasible now for us to invest,” general manager (geoscience) Felix Chang told StarBiz recently.

Earlier this week, the company had proposed a fund-raising exercise to finance the development of oil and gas facilities in the area.

Sumatec currently extracts about 500 barrels of oil per day from the Rakushechnoye oil and gas field.

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