Ukrnafta starts drilling new oil well in western Ukraine

MOSCOW. March 29 (Interfax) - Ukrnafta has begun drilling a new exploratory oil well at a deposit located in the west of Ukraine.

"It will be an exploratory well with a planned depth of 1,211 meters. The projected initial flow rate is 22.6 tonnes of oil per day. The production horizon is the Stryian deposits," Ukrainian media quoted Ukrnafta as saying in a press release on Thursday.

The well is being built by a contractor, Navigator Komplekt LLC, which has been selected through the ProZorro online procurement platform.

"The contractor will drill three wells sequentially from one site," the company said.

As reported, Ukrnafta's oil and condensate production increased 3%, or by 39,900 tonnes, to 1,409,900 tonnes in 2023 year-on-year. Its gas production went up 5.8%, or by 60.4 million cubic meters, to 1.97 billion cubic meters.

The company's strategic goal is to double oil production and natural gas production by 2027, bringing them to 3 million tonnes and 2 bcm, respectively.

Naftogaz of Ukraine is Ukrnafta's largest shareholder with a stake of 50% plus one share.