ProNeft Resources has raised $US27.5 million from international investors to fund pipeline and infrastructure work on an oil field located in the Tomsk Oblast region of Russia.
The company plans to construct a 43-mile 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 more than 90 percent of the pipe required for the pipeline which is scheduled to start construction by year-end. PetroNeft plans to start oil production by next summer, initially targeting 4,000 bopd. Peak production from the first phase is expected to reach 12,000 bopd by 2012.