Arawak is a multi-asset oil and gas production, development and exploration group which has been active in the FSU since 1998, and has current operations in Kazakhstan, Russia and Azerbaijan.
Our intention is to become a leading independent oil and gas company focused on the FSU and to grow both organically and through acquisition.
According to the BP Statistical Review of World Energy published in June 2009, Kazakhstan, Russia and Azerbaijan account for 41.6% of the world’s proved oil reserves outside OPEC, and Arawak believes that they offer among the largest opportunities for production growth. We believe that these countries will be important drivers for an increase in non-OPEC oil and gas supplies during the next decade. In addition, we believe that Arawak’s geographic focus offers a cohesive operating niche and the shared oil and gas industry heritage of the countries in which it operates has positive operational implications, such as easily transferable skills and knowledge.
Arawak achieved record production in 2009 of 4.9 million barrels of oil equivalent (boe), or an average 13,420 barrels of oil equivalent per day (boepd), an increase of almost 18% over 2008 volumes. Arawak’s production comprises 99% oil and insignificant volumes of gas.
As of 31 December 2008, Arawak’s total proved reserves were 37.0 million boe, total proved plus probable reserves were 61.8 million boe and total proved plus probable plus possible reserves were 89.1 million boe.
Arawak is a wholly owned subsidiary of the Vitol group of companies. More information about Vitol and its activities can be found on www.vitol.com.