Ukrnafta has increased daily production of oil and condensate from the beginning of the year, said Chairman of the Board of Ukrnafta Mark Rollins at a press conference on June 21.

The daily production rate for liquids has been increasing since the beginning of 2017 and is set to exceed the level last seen in mid-2016. Ukrnafta improved production rate for oil and condensate from 4 046 tonnes per day in January to 4 124 tonnes per day in May 2017.

Mark Rollins, Chairman of the Board of Ukrnafta:

“Today daily oil production is close to the level last seen in mid-2016 and is set to exceed these levels. If this trend continues, we may be able to finish 2017 with a higher rate of production than in the beginning of the year. We have achieved this with limited investments. While the company can significantly increase production if Ukrnafta is given opportunity to resolve the tax debt issue and keep its production licenses”.

At the same time, the situation with non-extension of the licenses threatens this progress, according to Mark Rollins. Ukrnafta was forced to stop production at 2 fields earlier this year and if 7 more licenses are lost in 2017, the company will miss 20% of annual output of liquids, while daily production will decline to 3 300 tonnes.
 
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As reported earlier, Ukrnafta doubled production at 22 wells in Dolynaske and Pivnichno-Dolynske fields by deploying higher capacity electric submersible pumps. The incremental increase in output since the commencement of the project in November 2016 was 11.5 ktonnes of oil and 3.7 mln m3 of gas.

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