Nord Oil/North-West Plans to Up Oil Production in Saratov
Nord Oil International/North-West Oil Group said Thursday that it plans to increase its oil production due to increased demands from the European Union. The Company will immediately proceed with a plan to take the necessary steps to increase its oil production.
The plan includes four steps and will commence with a comprehensive 3D seismic exploration program which will be completed by Company Zaprikaspyigeofizika. 3D Seismic technology is used to monitor oil reservoirs and to drill new wells more confidently to increase production. This is an integral part of the Company's overall goal to enhance oil recovery strategies. The project should be completed by the end of August 2006 with an estimated cost of $500,000. Additional steps will include creating the drilling project and complete sampling programs. The final step will include research and the building of the infrastructure required to support this drilling program.
Mr. Ernest G Malyshev, President of the Company, stated, "We are looking forward to implementation of this plan. According to the estimates done by our experts, by the time the project is completed, we should be able to increase our production by at least 100%, thus bringing our production to 1,752,000 barrels."
Nord Oil International Inc. is a reporting, publicly traded Oil & Gas company trading under the ticker symbol NDOL on the US Pink Sheets market as well as on the Frankfurt Exchange under symbol CXIA. Nord Oil International and the North-West Oil Group merged on May 11, 2006. The company is in the process of filing all regulatory statements and will change its name to the North-West Oil Group and will be issued a new ticker symbol. The company presently produces over 876,000 barrels of crude oil yearly.
- North-West Oil Starts Work On JV With Sinopec (Apr 08)
- North-West Oil Adds of New VP, Finance and Economy (Feb 07)
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Company: Nord Oil International more info
- Nord Oil International to List on London's AIM (Sep 13)
- Nord Oil/North-West Plans to Up Oil Production in Saratov (Aug 10)
- Nord/North-West Targets Saratov Oil Producer (Jun 29)