Max Petroleum Increases Activities in Kazakhstan
Kazakhstan’s Government has granted regulatory approval to convert the Borkyldakty Field to full field development (“FFD”) status immediately, reads a note published by Max Petroleum on Friday.
“FFD approval will allow Max Petroleum to fully develop and produce the Borkyldakty Field and sell 80% of crude oil production from Borkyldakty on the export market under the terms of its Blocks A&E exploration and production contract,” said the oil and gas exploration and production company focused on Kazakhstan.
According to Max Petroleum, Borkyldakty is currently capable of producing approximately 200 barrels of oil per day from its two productive wells and a third development well, BOR-4, is planned to be drilled in the field in August 2013.
Kazakhstan is the 9th country in the world by extension and the 10th by proven oil reserves, after Venezuela, Saudi Arabia, Canada, Iran, Iraq, Kuwait, United Arab Emirates, Russia and Libya. According to The World Factbook, it is also the 14th country by proven gas reserves. It has borders with Russia, China, Kyrgyzstan, Uzbekistan and Turkmenistan.