Ukrburgaz sets records for daily, monthly and yearly meters drilled

MOSCOW. Dec 13 (Interfax) - Ukrburgaz, a division of JSC Ukrgazvydobuvannya (UGV), set new records in 2023 for daily, monthly and yearly meters drilled, Ukrainian media reported, quoting UGV chief Oleg Tolmachev.

"UGV plans to maintain the tendency for production as well as drilling to increase next year. We have already seen this year that our major projects, such as extensive 3D seismic, are yielding results - a high performance well in western Ukraine. And next year we anticipate even more data and we will be planning new wells," the company's press service quotes him as saying on social media.

A review of the wellsite preparation cycle, which has made it possible to shorten well interventions, is an important element of the company's success in reversing the trend for production to decline.

UGV is also working to shorten the well construction cycle, reduce capital costs and improve work safety.

Tolmachev said in February this year that the company planned to boost meters drilled 50% this year compared with last to 300,000 meters.

Naftogaz aimed to boost its own natural gas production 1 billion cubic meters to 13.5 bcm in 2023. UGV reduced saleable gas production 3% to 12.5 bcm in 2022.

Naftogaz owns 100% of UGV.