News listings
Equatorial Guinea Licence Round

energy-pedia development and production

Russia flagRussia

Europe / Caspian / CIS >>> Russia

Russia: PetroNeft Resources provides operations update

18 Dec 2014

Photo - see caption

AIM-listed PetroNeft Resources, owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, has provided an update on operations

Licence 61

  • Arbuzovskoye 106 well now in production at a stabilised average rate of 170 bopd
  • Arbuzovskoye 103 well drilling ahead
  • Drilling of Tungolskoye 5 horizontal well continuing
  • Total production now at 1,850 bopd
  • Seismic crew mobilised to the Sibkrayevskoye field

Licence 67

  • Processing and interpretation of 3D seismic survey completed
  • Reserves calculation for Russian State Approval being finalised


  • Weakening Russian Rouble acting as a natural hedge to falling oil prices
Photo - see caption

Licence 61


Following some delays the Arbuzovskoye 106 well has successfully encountered oil in the Upper Jurassic (J-1) formation at a depth of 2,465 metres, TVD. The well been brought into production at a stabilised rate of 170 bopd with no visible water cut. This rate exceeds pre-drill estimates of between 100-150 bopd.

Arbuzovskoye well 103, the next well in the drilling programme, is currently drilling ahead. This well is the southernmost well drilled at Arbuzovskoye to date and will help determine if further wells will be drilled in the southern lobe of Arbuzovskoye.


The horizontal segment of the Tungolskoye No. 5 well is currently being drilled, however drilling progress to this point has been slower than originally estimated.  Production results on the horizontal segment are currently expected in January 2015.  The pilot hole previously confirmed the structure, the net pay (8.2 m) and commercial oil flow (100 bopd non-stimulated) at the crest of the structure. The well is being drilled under a turn-key contract so additional time will not result in additional cost.   The main regulatory approvals required for the development of the Tungolskoye field have been obtained and the tendering process for the various services and materials required for this work programme is well underway.


The rig for the Sibkrayevskoye No. 373 well is currently being erected. It is expected that drilling will commence in February 2015.

The seismic crew has been mobilised to the field and work is well underway on the programme to acquire 1,000 km of high quality 2D seismic data across the Sibkrayevskoye oil field and other fields and prospects in the northern portion of Licence 61. The main acquisition of data will occur in the first quarter of 2015 with final interpreted results being available in Q3 2015. This will help formulate our work programme beyond the current drilling campaign.

Total production from Licence 61 is currently about 1,850 bopd.

Licence 67

The processing and interpretation of the 156.84 sq km of 3D seismic data acquired over the Cheremshanskoye and Ledovoye oil fields in Q1 2014 has been completed. The reserves calculation for the two fields based on the 3D seismic data is being prepared for submittal and approval at the Russian State Reserves Committee in Moscow. 

Oil price and Russian Rouble

While oil prices have fallen internationally in recent months, so too has the Russian Rouble as compared to the US Dollar. The vast majority of operating costs and capital expenditure are denominated in Russian Roubles and this acts as a natural hedge to falling oil prices. It should also enable PetroNeft to undertake more capital expenditures pursuant to the US$45 million farm-in carry being financed by Oil India Limited.

Dennis Francis, Chief Executive Officer of PetroNeft Resources, commented:

'I'm very pleased with the rate achieved from the first new well drilled at Arbuzovskoye since February 2013 and look forward to updating shareholders with the results of the additional wells at Arbuzovskoye. The pilot hole at Tungolskoye has achieved its objectives in confirming the structure, net pay and oil flow and we look forward to the production test result from our first horizontal well in the New Year.'

Original article link

Source: PetroNeft

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current deals: 1689
Completed deals: 5206

Company Profiles

Current Company Profiles: 2643

Corporate Activity

Current Corporate Activity articles: 3280

Companies Looking

Current number of articles: 427

Company Sales

Current Company Sales articles:1356


Current Geostudies articles: 638

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

count geophysics
Rose & Assocs 149
Union Jack Oil 149
Government of South Australia
SLR Consulting logo
KL Publishing
RSK Logo 149
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675