Ukrnafta starts drilling new well in country's northeast

MOSCOW. June 3 (Interfax) - Ukrnafta has started to drill a new exploration well in the country's northeast, Ukrainian media quoted CEO Sergei Koretky as saying on social media.

He said drilling was being carried by the company's own rig. The target depth 3,314 meters. The objective is to reach pay horizons in Visean sediments. The well should be finished in August 2024.

Koretsky also the company was completing the installation of another in-house rig to drill a new well in the west of the country.

Ukrnafta plans to start drilling 30 new wells in 2024, it has been reported.

Ukrnafta increased production of oil with condensate by 39,900 tonnes or 3% to 1,409,900 tonnes in 2023. Production of natural and associated petroleum gas increased by 60.4 mcm or 5.8% to 1.097 billion cubic meters.

Ukrnafta has the strategic goal of doubling oil and natural gas production by 2027, to 3 million tonnes and 2 billion cubic meters, respectively.

Ukrnafta is Ukraine's biggest oil producer. It has a national network of 537 filling stations, of which 456 are operating. The biggest shareholder is Naftogaz with 50% plus one share. The Headquarters of the Supreme Commander-in-Chief ruled on November 5, 2022 to expropriate Ukrnafta shares owned by private shareholders - that stake is now controlled by the Defense Ministry.