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PetroNeft announced the commencement of year-round production from the Sibkrayevskoye field

PetroNeft announced the commencement of year-round production from the Sibkrayevskoye field

Tomsk, April 1 - Neftegaz.RU. Oil & gas explorer PetroNeft has said year-round production from the Sibkrayevskoye field in Licence 61 has started. The company is focused on the Tomsk Oblast area in Russia, and is a 50pc owner and operator of Licences 61 and 67.

In a trading update, PetroNeft said it has completed the construction of a 26 km pipeline from the Sibkrayevskoye field to a central processing facility.
This line enables the field to produce all year round, without the need for expensive trucking.

Production from the Sibkrayevskoye field has historically only occurred during the winter season when oil could be trucked along ice roads to the processing facility.
During this time production from the two producing wells has averaged 250 - 300 barrels of oil per day (pbd).

In addition to increased production and cash flow, the ability to produce throughout the year will provide valuable long-term reservoir performance information, according to the company.

“,” PetroNeft said:
  • This information will be used to de-risk the forward investment strategy for this attractive field;
  • The company will be evaluating whether to acquire 3D seismic data once it has sufficient longer term production data from the two wells currently producing.
David Sturt, CEO of PetroNeft, said:
  • the building of the pipeline was significant achievement for the company;
  • This investment, combined with the recent successful re-entry of the c-4 well, demonstrates the company's ability to implement low cost but highly operationally effective solutions to the development and optimisation of its resource base, despite wider industry challenges.
Last December the company raised $2.12m (€1.9m) in a share placing.
PetroNeft was founded in 2004 by Dennis Francis, who retired as group chief executive in November 2018.

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