Ukrtanafta plans to restore production at decommissioned wells

The PJSC Ukrtanafta plans to closely review its well stock for restoration.

This was announced in the company's press release on Monday.

"As of today, 4,300 wells under the special permits of Ukrtanafta have been decommissioned. Some of them for geological reasons, but most for technical reasons: accidents, instrument breaks, pipe bursts, casing deformation, etc. Consequently, within these wells, the reserves remained undrained," stated the director of Ukrtanafta, Serhiy Koretskyi, at the sidelines of the III Lviv Anti-Crisis Oil and Gas Conference by Newfolk NCC.

According to him, as quoted in the press release, the company will closely review its substantial well stock for restoration by drilling side horizontal shafts, heavy capital repairs or drilling duplicates of such wells.

Furthermore, Ukrtanafta plans to lease decommissioned wells of other companies under the company's special permits, and also lease out wells that are under the special permits of other companies, of which there are more than 1,300.

According to Koretskyi, even a 10% (or 560 wells) successful restoration from 5.6 thousand of the total number of decommissioned objects is +30% to the company's current production stock, as stated in the press release.

Background. Ukrtanafta conducted a series of organizational-technical measures at its wells from January to March 2023, which allowed it to increase the daily average production of oil by more than 100 tonnes and gas by 30 thousand cubic meters.

Ukrtanafta intends to increase its oil production by 6% in 2023 with further increase in production rates over the next five years. This year, the drilling of three new wells and three side shafts is planned.