PetroNeft: Production begins on well 61 at Arbuzovskoye

PetroNeft Resources, a Russia-focused oil company, has said the the Arbuzovskoye well 109 on licence 61 has been successfully completed and put into production.

PetroNeft Resources, a Russia-focused oil company, has said the the Arbuzovskoye well 109 on licence 61 has been successfully completed and put into production.

The well is just beginning to stabilise after experiencing flow line problems caused by the very cold weather, the group said, adding that it expects the initial flow rate of 100 barrels of oil per day (bopd) to increase somewhat.

Advertisement - Article continues below

The company also said that the Arbuzovskoye well 111 is drilling ahead and group production currently stands a 2,500 bopd. However, it did warn that four production well are currently off line for remedial work on pumps. All are expected to be online by the year-end.

Dennis Francis, Chief Executive Officer of PetroNeft Resources said: "While well 109 is very economic at this initial flow rate we do expect the rate will improve somewhat as we optimise the well. Importantly, the well is producing 100% oil with no water so we are continuing to confirm our understanding of the size of the field.

"While some operational challenges and variation in results should always be expected, we look forward to completing further wells in Arbuzovskoye over the coming months as we continue to focus on materially increasing our production profile and cash flows."




Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular


These seven charts show exactly why you must own gold today

Covid-19 is accelerating many trends that were already in existence. The rising gold price is one such trend. These seven charts, says Dominic Frisby,…
3 Jun 2020

Disease, rioting and mass unemployment – so why are markets soaring?

Despite some pretty strong headwinds in the last year, America’s S&P 500 stock index is close to all-time highs. John Stepek explains why markets seem…
4 Jun 2020

This looks like the biggest opportunity in today’s markets

With low interest rates and constant money-printing, most assets have become expensive. But one major asset class hasn’t. John Stepek explains why com…
2 Jun 2020