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Company in Mass Media

Khortitsa intends to increase oil production seven times

14.09.2016 http://1prime.ru/energy/20160914/826511535.html

Khortitsa oil company that develops Multanovsky license unit plans to increase oil production seven times during next three years. The company goal - to reach the annual production level of 724 thousand tons, according to the presentation at disposal of PRIME agency.

At present, the production at the field is much lower and makes approximately 100 thousand tons. The oil company management expects production growth in the next year that will achieve 500 thousand tons, and in 2018 - 646 thousand tons.

In order to increase production, the company plans active investments into its infrastructure. Khortitsa plans to build oil acceptance transfer unit and pipeline that will provide for transportation of produced crude to nearest transport junctions.

Further plans of the Company - construction of oil pipeline to Transneft system. But the final decision will be made after drawing up of a complete design of Multanovskoe field development. Multanovskoe oil field is located in the territory of Surgut district of Khanty-Mansiysk Autonomous District of the Tyumen region 85 kilometers to Pyt-Yakh town and 110 kilometers to Surgut. As of 2016, confirmed extractable reserves are estimated 15.3 million tons of oil. Data are confirmed by DeGolyer and MacNaughton. The first contribution from RUR 97800. Duplex apartments from RUR 3.6 mln. Discount 20 % until 30.09.2016. Only 4 km from the capital.

The first contribution from RUR 97800. Duplex apartments from RUR 3.6 mln. Discount 20 % until 30.09.2016. Only 4 km from the capital.

The license for the right to use Multanovskoe license unit belongs to Khortitsa LLC until end of 2035.

The company purchased the unit in 2010. The development began in February of 2014. The estimated volume of investments into the project is RUR 1 billion.

According to BIR Analytika, 99% of the company shares belong to the offshore company KREVELSON FINANCE LIMITED, its beneficiaries are not disclosed.

Khortitsa is under management of Rus-Oil company. Its General Director, Sergey Podlisetsky, confirmed plans of the company to Prime.

"We do not doubt that target plans will be implemented. The competence of Rus-Oil in the area of oil assets management grows, and the company gains production pace with confidence", noted Podlisetsky.

The managing partner of the company Advance Capital Karen Dashyan called company plans ambitious but realistic: "The geology of the field is quite simple and understandable, and it is located in already developed oil province that will simplify access to the necessary infrastructure significantly. A key issue for the strategy implementation - is availability of capital and contractors capable to meet tasks set in time".

According to an expert, in order to achieve production goals, the company will have to invest at least 50 mln dollars into the field.

Khortitsa oil company that develops Multanovsky license unit plans to increase oil production seven times during next three years.