Canada-based oil and gas company Condor Petroleum Inc. has commenced commercial oil production at its 100 percent owned Shoba oilfield in Kazakhstan.
Current stabilized production is exceeding 500 barrels per day, says Condor, and oil sales are expected to resume in the fourth quarter. During the second quarter of 2016, Condor received $20.21 per barrel for Shoba oil previously held in inventory. The company announced September 8 that it had received the Shoba Production Contract from the Government of Kazakhstan.
In addition to the latest developments at the Shoba oilfield, Condor revealed Tuesday that the Taskuduk Production Contract is expected to be signed in the fourth quarter of 2016 and will provide for additional commercial production at Condor’s 100 percent owned Taskuduk oilfield in Kazakhstan.
Predicting a short-term rise in production, oil and gas analysts at FirstEnergy Capital are forecasting Condor’s production from Kazakhstan to rise to 731 barrels per day in the fourth quarter of 2016.
Condor revealed that the Poyraz 5 well in Turkey has also reached a total depth of 6,161 feet and wireline operations are underway. Poyraz 5 will be cased and suspended as a future gas producer.
The next well to be drilled in the Poyraz Ridge development plan is expected to be spud by mid-October. Condor confirmed that the Poyraz Ridge development continues to target first gas in mid-2017, providing access to cash flow from a region with strong domestic gas demand and pricing.
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