KUCHING: The ways of doing business has evolved with time. Long gone are the days of operating a business purely for the want of generating profits; these days, it is crucial to consider of the impact our businesses have on our enviroment, society and economy as a whole. In the midst of doing business, sustainability […]
PETALING JAYA: Sumatec Resources Bhd said CaspiOilGas LLP’s (COG) oil production in Kazakhstan’s Rakushechnoye oilfield could reach 1,500 barrels per day (bbl/d) by the end of March 2018 after having reactivated its oil production enhancement programme.
The group told Bursa Malaysia that it was informed by COG’s director-general Saubay Izbassarov in a written field report, informing them of the reactivation in the second half of 2017. In addition to that, another 1,000 bbl/d is expected following the completion of workover for 12 wells, slated for completion by the end of August 2018.
In line with that, total oil production is expected to further increase to about 7,500 bbl/d with the drilling of two new deep Triassic wells by the end of 2018.
COG is a unit of Markmore Energy (Labuan) Ltd and is the concession owner of the Rakushechnoye oil and gas field in West Kazakhstan. Last October Sumatec had entered into a heads of agreement relating to the acquisition of 100% equity interest in Markmore for RM1.55 billion.
“Under the joint investment agreement (JIA) between Sumatec and COG and the field development plan, Sumatec also has claim on associated gas by way of sharing condensates,” Sumatec noted.
KUALA LUMPUR (Dec 28): The FBM KLCI started on a muted note this morning, as select blue chips weighed on the local index. At 9.05am, the…
The focus of the Thomson Reuters BPAM All Bond Index Performance this week was the US Tax Reform plan, which was passed in both House and Senate on Wednesday. The approval of US$1.5 trillion tax cut plan was the most drastic changes to the US tax code since 1986, which includes permanent tax breaks for […]
US Market : The Dow Jones industrial average notched a record closing high on Monday after the Senate narrowly passed a major tax bill over the weekend. Senate Republicans managed to narrowly pass a bill to revamp the country’s tax system on Saturday. Europe Market : European markets closed higher Monday afternoon as investors digested news that the U.S. Senate narrowly passed a major tax bill over the weekend. Precious Metal Gold : Gold prices fell on Monday toward the four-week lows hit last week as the U.S. dollar strengthenedRead More
KUALA LUMPUR (Dec 4): Based on corporate announcements and news flow today, companies in focus on Tuesday (Dec 5) may include: Handal Resources Bhd, IOI…