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Hurricane Hydrocarbons Ltd. is an international energy corporation engaged in the exploration, development, production, acquisition, refining and marketing of oil and refined products, in the Republic of Kazakhstan.
The company has been involved in joint ventures in Kazakhstan since 1991 and participated in the country's first major oil and gas privatization in November 1996. Hurricane purchased a state-owned oil production company, Yuzhneftegaz, now renamed Hurricane Kumkol Munai (HKM).
As of January 1, 2000, Hurricane's proved and probable reserves were independently assessed at 459 million barrels of sweet, light crude oil and 52 billion cubic feet of gas. About two thirds of Hurricane's crude oil production is refined in the Shymkent refinery and sold as refined products in the Kazakhstani market. About a third of the production is exported. A gas utilization project is under engineering study which will provide commercial uses for the gas associated with the oil production.
On March 31st, 2000, Hurricane acquired about 88% of the shares of OJSC Shymkentnefteorgsyntez ("ShNOS"), the owner of the Shymkent refinery which supplies about 65% of the domestic market for refined products in Kazakhstan.
Hurricane has become the largest private Integrated Oil Company in Kazakhstan. As a large oil producer and market leader in the refined products market, Hurricane's key strategic goals are to:
- Increase production and reserves
- Enhance the economic yield of the Shymkent refinery
- Develop export opportunities
- Continue to reduce overhead and operating costs
- Seek upstream acquisition opportunities
Quick Facts
Line of Business: Exploration and Production
Ownership: Public
Stock Exchange: Toronto
Stock Ticker: HHLa
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