Russian oil and gas company Ruspetro saw a 6% reduction in average daily production in the final quarter of last year.
The firm today confirmed average daily production for the fourth quarter was 4,010 barrels of oil per day, from 4,267 in the third quarter.
“The increasingly stable production level is due to the waterflood programme arresting decline and now positively impacting 14 wells in our our main production area,” said Ruspetro.
“The waterflood campaign is being further expanded in 2014 with four more wells to be converted to water injectors. No new wells were completed in the fourth quarter of 2013.”
The firm said operating cash flow had been increased as a result of recently introduced fiscal measures, while the recently announced technical partnership with Schlumberger means a joint team of sub-surface specialists is currently working on the design of the forward drilling programme.
