Petroneft has improved 2015 production at its operations in Tomsk Oblast, Russia by 41%.
The company produced 2,600 barrels of oil per day, which it said was a 41% improvement this year.
Chief executive Dennis Francis said: “Our operational progress is gathering momentum and this is evident in our sustained drilling and production growth.”
The company said a new horizontal well (L-10) at the West Lineynoye field was brought online at a rate of 230 bopd, which illustrates that short horizontal wells can greatly increase flow rate. A horizontal well (T-503) at Tungolskoye continues to yield more than 500 bopd.
A horizontal well is currently being drilling in the T-502 well at Tungolskoye.
Francis added: “We are very pleased with the L-10 well result, which again clearly demonstrates the potential for materially enhanced flow rates from horizontal production wells,”
“This well also demonstrates that with proper planning, we can drill similar wells in a cost-effective manner with a standard Russian exploration drilling rig. This significantly increases our inventory of ready to drill wells in today’s low oil price market.
“This significantly increases our inventory of ready to drill wells in today’s low oil price market.”
“Production has increased by over 40% in 2015 and we will continue to focus on production growth.’
