Kazakh Energy Ministry approves Stepnoy Leopard field development plan to 2044 - Nostrum Oil & Gas
ALMATY. April 4 (Interfax) - Kazakhstan's Energy Ministry on April 3 approved a phased, full-field development plan (FDP) extending until 2044 for the Stepnoy Leopard fields, Nostrum Oil & Gas Plc, which owns 80% of the project, said in a London Stock Exchange filing.
The FDP approval is a key project milestone in the company's mixed-asset strategy, said Arfan Khan, Nostrum's CEO.
"Together with the recently announced new UOG processing agreement extension, future production from the SL Fields will improve materially the utilization of our gas processing facilities and the resulting cashflows. A phased full-field development plan also allows the company to deploy optimum capital allocation, whilst meeting its target production start-up date between late 2026 and early 2027," Khan said. Ural O&G, or UOG is a joint venture between KazMunayGas (50%), MOL Group (22.5%) and FIOC-Sinopec (27.5%).
Nostrum plans to commence production at the Stepnoy Leopard fields by late 2026. In mid-July 2023, Nostrum acquired 80% of Positive Invest LLP for $20 million, which holds the rights to the Stepnoy Leopard group in northwestern Kazakhstan until December 2044.
In July 2023, Nostrum's board of directors approved an assessment program for the Stepnoy Leopard deposits, aimed at reclassifying contingent resources into proven reserves and identifying commercially viable development schemes, costing approximately $6 million. Activities began in late September 2023.
An independent third-party evaluation of the reserves and resources of the Stepnoy Leopard fields in Kazakhstan confirmed their commercial viability and development potential in July 2024. The evaluation is 138 mmboe (including approximately 25% liquids) proved plus probable (2P) gross reserves.
The London-listed Nostrum Oil & Gas Plc is an independent oil and gas company engaged in the production, exploration and development of oil and gas in the Pre-Caspian Basin. The Group also operates gas processing capacities of 4.2 billion cubic meters per year.
