Australia-based oil and gas exploration and production company International Petroleum along with its partner Remas, has announced that the company secured a two year extension right to continue explore hydrocarbons in the Alakol Project in Kazakhstan.
International Petroleum’s two year extended contract will be valid from 28 May 2013 to 28 May 2015.
The Alakol Project covering an area of 24,649km² is located in eastern Kazakhstan and borders the western boundary of China.
The main target reservoirs in the Alakol basin are carbonates or sandstones of Paleozoic age occurring at depths ranging between 1,600m and 3,500m.
The basin is similar to the Junggar and Zaisan basins, which are both proven oil-containing basins, across the border in China.
International Petroleum through its wholly-owned subsidiary, North Caspian Petroleum, operates and owns a 50% interest in subsoil use rights for the exploration of hydrocarbons in the Alakol Project. The remaining 50% is owned by Remas, a privately-owned Kazakhstan company.
The estimated prospective petroleum resources of 12 oil and gas prospects that have been identified in the project have low estimate of 305,744,000 barrels, best estimate of 517,307,000 barrels, and high estimate of 980,994,000 barrels.
International Petroleum has plans to perform a 3D seismic study targeting the reservoir-quality sands and selecting the locations of future exploration wells during the second half of 2013.