PJSC Ukrnafta has completed drilling of oil well # 535 at Buhruvativske oil field in Sumy oblast. The depth of the well is 3 488 meters. The well is due to be commissioned in the first decade of December 2016.
Additionally, the company has resumed drilling of horizontal well №101 at Verhniomaslovetske field in L’viv oblast. The well will be commissioned in early 2017.
In 2016, Ukrnafta planned to put into operation 4 new wells, but due to lack of financial resources this plan will be not fully implemented. This year drilling volume has declined by 89% in comparison to 2010. The company owns a fleet of 46 drilling rigs most which are obsolete and require urgent modernization or replacement.
This year the company’s investment resources have been limited due to high royalty rate for oil, unresolved “legacy debt” and lack of decision by the Supervisory Board on the out-of-court sanation plan proposed by the new management. The company needs to invest UAH 2.6 to 3 bn to prevent decline of oil production. In 9 months 2016 Ukrnafta was able to invest only UHA 390 mln, having paid UAH 5.3 bn in taxes to the state budget.
For more information please contact press office: +38 044 239 14 93
