INPEX to Enter Production Phase at Zapadno-Yaraktinsky Block

Source: www.gulfoilandgas.com 12/14/2016, Location: Asia

INPEX CORPORATION (INPEX) announced that it will enter the production phase at the Ichyodinskoye Oil Field located within the Zapadno-Yaraktinsky Block (ZY block) in Irkutsk Oblast in the Russian Federation. This follows the confirmation of commercial quantities of crude oil following long-term production testing aimed at obtaining an accurate assessment of reserves.

INPEX is currently involved in exploratory activities in the ZY block and the Bolshetirsky block (BT block) also in Irkutsk Oblast in the Russian Federation with Japan Oil, Gas and Metals National Corporation (JOGMEC) and ITOCHU Corporation (ITOCHU) through Japan South Sakha Oil Co., Ltd. (JASSOC).

ZY block and BT block are onshore blocks located approximately 700km north of the city of Irkutsk, and have surface areas of 4,835km2 and 3,307km2, respectively. The blocks are operated by INK-Zapad, a joint venture between Irkutsk Oil Company (INK) and JASSOC.

The crude oil produced from the Ichyodinskoye Oil Field is scheduled to be supplied domestically in Russia as well as exported to Japan and other Asian markets from the Russian Far Eastern port of Kozmino via the Eastern Siberia-Pacific Ocean (ESPO) pipeline.

The exploratory activities have also confirmed oil and gas indications within deposits outside of the Ichyodinskoye Oil Field. It is therefore expected that production testing, etc. targeting these deposits will be carried out sequentially going forward.

Entering the production phase at the Ichyodinskoye Oil Field is aligned to INPEX’s pursuit of the continuous enhancement of E&P activities, which is positioned as one of three growth targets outlined in the company’s “Medium- to Long-Term Vision,” and is also expected to provide a foothold for the company to expand its business activities in the Russian Federation, a country known for its high oil and natural gas potential.

The impact of this development on the consolidated financial results for the current fiscal year is expected to be minimal.


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