Dublin exploration firm PetroNeft to double production

Dublin-headquartered oil and gas exploration firm PetroNeft has said it intends to double production before the end of the year by conducting a drilling programme on its core Russian assets.

The company said production is currently running at 2,000 barrels of oil per day, but will rise to between 3,500 to 4,000 barrels of oil per day by the end of 2015 after it conducts its drilling programme at Licence 61 in Tomsk Oblast.

PetroNeft said most of the drilling programme will take place at its Tungolskoye development where a contract for the drilling of up to 11 wells at the site has been awarded to SGK Drilling, a subsidiary of Eurasia Drilling, Russia's largest drilling contractor.

A production drilling rig with top drive unit will be used for these wells, allowing longer horizontal segments with enhanced control. Mobilisation of the rig is underway and the first well is expected to spud in early May.

The company said it is also constructing a 25 kilometre pipeline and power line to connect the field back to the Lineynoye central processing facility, which will be in use by June.

At the Arbuzovskoye field, also in Russia, the company said it had brought the 104 well online and it is currently producing around 100 barrels of oil per day.