In a filing with Bursa Malaysia, the oil and gas operator said that under its instruction, the field’s concession owner CaspiOilGas LLP (COG) had conducted a formal open tender exercise for the development of the oilfield.

KUALA LUMPUR: Sumatec Resources Bhd has announced plans to ramp up oil production at the Rakushechnoye oil and gas field in western Kazakhstan as its external auditor warns of a possible risk that the company may not be able to sustain its operations.

In a filing with Bursa Malaysia last Friday, the oil and gas operator said that under its instruction, the field’s concession owner CaspiOilGas LLP (COG) had conducted a formal open tender exercise for the development of the oilfield.

Under the joint investment agreement signed in March 2012, Sumatec is entitled to 100% of the profit for the first two million barrels while from the third year onwards, the profit will be split 50:50 between Sumatec and COG.

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