12 Mar '09
The European Bank for Reconstruction and Development (EBRD) is expected to loan Irkutsk Oil around $117m to fund a project aimed at pumping gas back into beds at the Yaraktinskoye gas-condensate field, Kommersant reported today.
Loan terms have yet to be announced.
Today casing-head gas is reportedly burnt on the field.
The project is to be carried out by 2011 and aims at serving environmental purposes, Kommersant said.
According to law, from 2011 onwards Russia’s oil companies won’t be allowed to burn more than 5% of casing-head gas extracted.
Irkutsk Oil reports up to 96% of gas will be reclaimed as a result of the project.
Yaraktinskoye reportedly contains 11.4 million tons of oil, 40 billion cubic-meters of gas, and 4.9 million tons of gas distillate.
The EBRD owns 8.15% of Irkutsk Oil.