Emir-Oil also selected three low-risk exploration well targets as part of its contract extension plan
Malaysia-based oil and gas company Reach Energy subsidiary Emir-Oil has secured production contracts extension from the Kazakhstan Ministry of Energy (MoE), for the North Kariman and Yessen fields located onshore Kazakhstan.
The two fields are located in the Emir-Oil Concession Block, which is located onshore in the Mangystau Oblast, about 40km northeast of Aktau, Kazakhstan.
The three-year extension of exploration contract, Exploration Contract 482, allows for commercial production of oil and gas by Emir-Oil from the North Kariman and Yessen fields for a period of 16 years and 25 years, respectively.
The extension to the 791.01km² Exploration Contract is effective from 01 January 2020. The initial license was valid until 09 January 2020.
Reach Energy said in a statement: “This achievement is significant to Emir-Oil’s Master Development Plan to integrate the Kariman and North Kariman fields as one large hydrocarbon bearing structure in the near future.
“Yessen has also shown good productivity in its wells from past well tests, and the Company plans to exploit this new commercial field with best-in-class reservoir management practices.”
Production Contracts extension secured by Emir-Oil comprises eight exploration projects
Reach Energy said that the extension comprises eight exploration projects. Emir-Oil also selected three low-risk exploration well targets as part of its contract extension plan.
In order to improve the geological understanding of the acreage, Emir-Oil is planning to undertake further seismic reinterpretation and further unearth additional prospects for discovery.
Separately, Emir-Oil has secured approval for Analysis of Development (AoD) documents for Aksaz, Dolinnoe and Kariman fields.
The AoDs are key technical regulatory documents that emphasise the development plan and production targets of the fields over a three-year period.
In December 2018, Reach Energy made an oil discovery in the North Kariman Field onshore Emir Oil Concession Block, through the drilling of the North Kariman-3 (NK-3) exploration well. The well penetrated the Mid-Triassic carbonate reservoirs at a total depth of 4,140m.