PetroNeft sees production rise at Russian operations

Oil and gas company PetroNeft Resources said on Thursday it successfully completed the sixth well in its Arbuzovskoye development project in Tomsk, Russia.

The Arbuzovskoye well 105 was tested at an initial rate of 160 barrels of oil per day (bopd) with no visible water cut.

Recent pressure testing of two Arbuzovskoye wells showed normal pressure decline in line with expectations.

It confirmed that a rapid decline in production experienced in the Arbuzovskoye 102 well in January and February was due to an operational problem.

PetroNeft restored the well to production of 380 bopd after a workover of the well.

"Development work at Arbuzovskoye has been positive this past month," Chief Executive Officer, Dennis Francis, said.

"Not only has the pressure testing of two wells confirmed normal pressure decline for the field in line with production, but the workover of well 102 was successful."

Total production has increased to 2,800 bopd.

RD