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Nostrum Oil & Gas PLC - London-based, Kazakhstan-focused oil and gas development, production and exploration company - Announces re-start of "state-of-the-art" gas treatment unit, GTU-3, completed "safely and successfully". The roughly USD750 million plant was commissioned and started in 2019, but two major pieces of equipment subsequently were found to require repairs. Nostrum says GTU-3 is now operating as per design and delivering LPG, dry gas and condensate in accordance with sales specifications. Adds that the upgrades reduced the plant's operating turndown capacity.
"This is an important milestone...as it demonstrates the operational excellence of our combined 4.2 [billion cubic metres per annum] gas process infrastructure in north west Kazakhstan, and it is now ready to receive third-party gas, in addition to receiving the feedstock from Ural Oil & Gas LLP expected to start in Q4 2023," says Chief Executive Officer Arfan Khan. Nostrum subsidiary Zhaikmunai LLP has an agreement to receive gas and liquid gas condensate from Ural OG.
Current stock price: 11.50 pence, down 8.0% on Monday
12-month change: up from 0.20p
By Emma Curzon, Alliance News reporter
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