Imperial Energy, which identified the Bazhenov shale formation in its oil and gas block in the Tomsk region of Western Siberia, Russian Federation, plans to develop it with the help of a global energy company.
The company, which was acquired by ONGC Videsh in 2009, plans to induct an equity partner to develop the area, which is said to have the worldÂ’s single biggest reserve. Imperial plans to rope in a partner in a month’s time.
The company expects the equity partner to come with its technology for drilling and fracking (required to exploit shale reserves).
The company has 17 fields in the Tomsk block of which five are main producing fields. The current output is 10,000-15,000 barrels of oil a day, lower than its initial estimates.
The firm witnessed a fall in output from the block in recent period and it is betting on the shale formation area to boost its production.
The Bazhenov shale formation reportedly has the potential to do for Russia what Bakken Shale did for the US.
According to Imperial, business plan fulfilment with respect to oil output last year resulted in 0.621 million tonnes (mn t) of oil produced.
Leave a Reply
You must be logged in to post a comment.