“We are ready to start developing the facilities to optimally extract the hydrocarbon at the Rakushechnoye oil and gas field because oil price has somewhat stabilised and it’s feasible now for us to invest,” general manager (geoscience) Felix Chang told StarBiz recently. Earlier this week, the company had proposed a fund-raising exercise to finance the development of oil and gas facilities in the area. Sumatec currently extracts about 500 barrels of oil per day from the Rakushechnoye oil and gas field. The oil and gas reserves in the area is estimated to be at 32.8 million barrels of oil (MMbo) and the gas reserve is estimated to be at 89.3 million barrels of oil equivalent (mmboe). Chang said that based on a ballpark figure, the Rakushechnoye oil and gas field is able to generate revenue of US$377.6mil (RM1.68bil) per year.

Source: The Star February 23, 2017 00:08 UTC