Weatherford to conduct engineering assessment of Ukrnafta's gas wells

MOSCOW. July 27 (Interfax) - Oilfield service company Weatherford will conduct an engineering assessment PJSC Ukrnafta's gas wells, Ukrainian media reported, citing the company's press service.

The company will conduct an analysis of operating data to identify the necessary technologies and how efficiently they can be used. The companies have already signed all agreements needed for partnership.

"Collaboration with Weatherford will allow Ukrnafta to use the latest enhanced recovery technologies at existing wells, which is part of the company's strategy to double production over a five-year horizon," the company said.

Ukrnafta, which has been under the state's full control since the end of 2022, has the strategic goal of doubling oil and natural gas production by 2027, to 3 million tonnes and 2 billion cubic meters respectively, reports have said. Ukrnafta plans to increase oil production 5.8% to 1.45 million tonnes and gas 0.3% to 1.04 billion cubic meters in 2023.

The Headquarters of the Supreme Commander-in-Chief ruled on November 5 to expropriate Ukrnafta shares, except for the stake held by Naftogaz, as military assets while martial law remains in effect. A stake of about 42% was owned by the firms belonging to Igor Kolomoisky and Gennady Bogolyubov prior to the expropriation.

Ukrnafta had 89 fields with 23 million tonnes of proven reserves and 1,806 active oil wells and 152 gas wells as of the end of March 2023. The company operates 537 filling stations, of which 28 have been modernized; their sale this year are expected to reach 350,000 tonnes, or about 7% of the market. Wholesale and retail in petroleum products amounted to 1.665 million tonnes in 2022.