PetroNeft Resources has raised $US27.5 million from its international investors to fund pipeline and infrastructure work on an oil field located in Licence 61 in the Tomsk Oblast region of Russia.
The company plans to construct a 70 km pipeline and associated field structure in the first phase of the development, which will run from the oil field to the Imperial Energy facilities, located at the Kiev-Eganskoye oil field.
PetroNeft has already acquired more than 90 per cent of the pipe it requires for construction. The pipe has been stored at a river port located north of Licence 61. Construction of the pipeline is scheduled to commence from the end of 2009 to early 2010.
PetroNeft plans to commence oil production in the third quarter of 2010, initially targeting approximately 4,000 bbl/d of oil. Peak production from the first phase of the development is expected to reach 12,000 bbl/d of oil by 2012, according to local news sources.
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