During the first months of 2016, specialists of PJSC “Ukrnafta” managed to stabilize its crude oil with gas condensate extraction at the level of scheduled production indicators. Daily extraction volumes remain relatively even since the beginning of the year, averaging at around 4,200 tons per day. As previously reported, during the first quarter of 2016 “Ukrnafta” produced 381 thousand tons of crude oil and gas condensate. In April, the company extracted 128 thousand tons of crude oil with gas condensate, and then 129 thousand tons in May. 

Despite the difficult situation in oil-producing sector, as well as company’s lack of financial abilities to invest in new drilling and capital repairing  of old wells, the specialists of “Ukrnafta” are carefully using limited resources for necessary current maintenance. Such activities allowed stabilizing indicators and meeting the targets.

PJSC “Ukrnafta” Executive Vice President for Upstream Mavriky Kalugin: “Based on current technical and financial conditions, crude oil production would have fallen by 15% in 2016. However, due to efforts directed at smart resource management and supporting measures, the extraction remains relatively stable since the beginning of the year. Our current repairs have become more precise. Depending on financial abilities, we also schedule various technical interventions. We are glad to reach certain stability yet we have much work ahead. I hope that very soon we will be able to drill new wells as planned”.
PJSC “Ukrnafta” Executive Board designed the new long-term development strategy for the company and submitted it to the Supervisory Board. According to the strategy, the company will double its oil production by 2025.

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