2nd Aug 2018 10:59
LONDON (Alliance News) - Nostrum Oil & Gas PLC said Thursday it has entered into agreements to process third-party hydrocarbons delivered by Ural Oil & Gas LLP.
The oil exploration company entered into the agreements through its unit Zhaikmunai LLP.
Ural Oil & Gas, a company owned by KazMunaiGas, Sinopec and MOL Group, plans to develop the Rozhkovskoye field in Kazakhstan. It has already drilled and completed eight wells in the field.
The agreement includes a tolling fee for the stabilisation of liquid condensate which will be USD8 per barrel and secondly the purchasing of raw gas from Ural Oil & Gas at a price to be agreed at the point of delivery.
"This agreement marks a significant step for Nostrum in demonstrating the value of its infrastructure. Whilst the company's focus remains stabilising and ramping up production from the Chinarevskoye field, this agreement provides the potential for a secure revenue stream in the next three to five years," Nostrum Oil Chief Executive Kai-Uwe Kessel said.
Shares in Nostrum were trading flat at 200.00 pence each Thursday.
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