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Nostrum Oil & Gas wins approval for Stepnoy Leonard field development

4th Apr 2025 16:40

(Alliance News) - Nostrum Oil & Gas PLC on Friday said the Kazakh Ministry of Energy has approved the development plan for the Stepnoy Leopard fields.

The Kazakhstan-focused oil & gas company holds an 80% working interest in the fields.

The firm said the Ministry of Energy of the Republic of Kazakhstan has approved a phased, full-field development plan extending until 2044.

In July, an independent third-party evaluation reported 138 million barrels of oil equivalent in reserves and resources at the Stepnoy Leonard fields.

Chief Executive Officer Arfan Khan said: "Obtaining the FDP approval for the SL Fields is a key project milestone in the company's mixed-asset strategy. Together with the recently announced new UOG processing agreement extension, future production from the SL Fields will improve materially the utilization of our world class 4.2 [billion cubic metres per annum] 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."

Shares in Nostrum Oil & Gas were up 5.9% to 3.44 pence in London on Friday afternoon.

By Michael Hennessey, Alliance News reporter

Comments and questions to [email protected]

Copyright 2025 Alliance News Ltd. All Rights Reserved.


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