Inpex Corporation announced Wednesday that it will enter the production phase at the Ichyodinskoye oil field, located within the Zapadno-Yaraktinsky Block (ZY block), in Irkutsk Oblast in the Russian Federation.
This follows the confirmation of commercial quantities of crude oil following long-term production testing aimed at obtaining an accurate assessment of reserves, Inpex said. The company is currently involved in exploratory activities in the ZY block and the Bolshetirsky block (BT block), also in Irkutsk Oblast in the Russian Federation, with Japan Oil, Gas and Metals National Corporation (JOGMEC) and ITOCHU Corporation (ITOCHU) through Japan South Sakha Oil Co., Ltd. (JASSOC).
ZY block and BT are onshore blocks located approximately 430 miles north of the city of Irkutsk. The blocks are operated by INK-Zapad, a joint venture between Irkutsk Oil Company (INK) and JASSOC. Crude oil produced from the Ichyodinskoye field is scheduled to be supplied domestically in Russia as well as exported to Japan and other Asian markets from the Russian Far Eastern port of Kozmino via the Eastern Siberia-Pacific Ocean (ESPO) pipeline.
“Entering the production phase at the Ichyodinskoye oil field is aligned to INPEX’s pursuit of the continuous enhancement of E&P activities, which is positioned as one of three growth targets outlined in the company’s Medium- to Long-Term Vision, and is also expected to provide a foothold for the company to expand its business activities in the Russian Federation, a country known for its high oil and natural gas potential,” Inpex said in a company statement.
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