Oil and gas exploration firm Petroneft said it achieved a record rate of production from a well programme in Russia, reaching 3,500 barrels of oil per day.

The licence is located in Arbuzovskoye in the Tomsk Oblast region of Russia. Petroneft has a 50 per cent share int the project, with its partner Oil India owning the other half.

The company attributed its success to good reservoir properties at South Arbuzovskoye and its ability to target the most productive parts of the reservoir with horizontal wells.

“This exceptional technology will help us to economically and efficiently develop the significant reserve base and exploration potential of Licence 61,” said Dennis Francis, chief executive of PetroNeft Resources.

Petroneft said it was adding a fourth well to the programme that is not yet on production in light of the positive results.

“So far, the experience of this field is much better than at the Tungolskoye field,” Davy analysts said in a note. “Production declines have been much more moderate with wells making much less water. This reflects the better reservoir quality and thickness of the section. Better production rates also allow the group to produce at less than the maximum level, facilitating pressure maintenance and enabling the group to optimise the field’s long-term production profile.”