Ukrnafta to start drilling two wells with flow rate of more than 100 tonnes of oil per day in Aug

MOSCOW. July 1 (Interfax) - Ukrnafta will start to drill two oil wells in August that will produce more than 100 tonnes of oil per day between them.

"Drilling starts in August, with equipment currently being transported and the sites being prepared," Ukrainian media reported, quoting the company's website.

Both wells are being built on a turnkey basis by the contractor Energofinance LLC, selected via Prozorro. The wells will tap pay zones in Visean deposits.

"The first well is planned as exploratory, inclined, with a target depth of 4,490 meters and anticipated yield of 56.6 tonnes per day. The second is a vertical production well with target depth of 4,490 meters and initial expected output of 47 tonnes per day," said Ukrnafta director Sergei Koretsky.

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's 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.