Dagestan Oil and Gas Company to produce 7 million tons of oil a year
Makhachkala, December 16, 2014. Dagestan oil and gas company plans to produce up to 7.6 million tons of oil, 5.7 billion cubic meters of gas, and 0.5 million tons of gas condensate a year, the press service of the company reported.
The target efficiency will be achieved through gaining access to offshore fields in the Caspian Sea, and developing onshore fields of the unallocated license fund.
Dagestani Head Ramazan Abdulatipov initiated establishing the state-owned oil and gas company. The company was launched in June 2014 with a registered capital of RUB 10 million. 100% shares belong to Dagestan government.
The company will also design, build, manufacture, repair and maintain production and oil and gas facilities.