Ruspetro changes condensate production expectation for Palyanovo field

Ruspetro, the independent oil and gas development company located in the Khanty-Mansiysk region of the West Siberian basin has published an operational update relating to its production expectations for condensate.

Ruspetro, the independent oil and gas development company located in the Khanty-Mansiysk region of the West Siberian basin has published an operational update relating to its production expectations for condensate.

On January 25th, the company announced its intention to bring on-line a heat exchange system during February in the newly discovered Palyanovo gas and gas-condensate field with the aim of boosting condensate production towards 4,000 barrels of oil per day (bopd).

Ruspetro reported that the heat exchange system had now been commissioned and had reduced the temperature of the hydrocarbon stream to a target level of 40 degrees Celsius.

Overall company production of oil and condensate has risen to a current level of 7,100 bopd.

However the company indicated that it had changed its expectation for condensate production after some wells recently brought online showed lower than expected flow rates and condensate yields.

The company reported: "We still have a further six wells in the condensate area awaiting activation and are expecting to bring these online in the near future; however, owing to wells recently brought online, which have had lower than expected flow rates and condensate yields, we no longer expect condensate production to reach the previous target level of 4,000 bopd in February."

Ruspetro added that condensate production now stands at 1,450 bopd, with most of the production continuing to come from established wells.

Ruspetro's share price was down 6.52% to 32.25p at 10:52 on Wednesday morning.

MF

Recommended

Persimmon yields 12.3%, but can you trust the company to deliver?
Share tips

Persimmon yields 12.3%, but can you trust the company to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
1 Jul 2022
Don’t try to time the bottom – start buying good companies now
Investment strategy

Don’t try to time the bottom – start buying good companies now

Markets are having a rough time, so you may be tempted to wait to try to call the bottom and pick up some bargains. But that would be a mistake, says …
1 Jul 2022
Share tips of the week – 1 July
Share tips

Share tips of the week – 1 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
1 Jul 2022
Bunzl: boring is good for business
Share tips

Bunzl: boring is good for business

Food-service distribution company Bunzl is not a terribly exciting business, but it looks cheap and could be a great investment, says Rupert Hargreave…
30 Jun 2022

Most Popular

Five dividend stocks to beat inflation
Share tips

Five dividend stocks to beat inflation

During periods of high inflation, dividend stocks tend to do better than the wider market. Here, Rupert Hargreaves pick five dividend stocks for incom…
30 Jun 2022
Don’t try to time the bottom – start buying good companies now
Investment strategy

Don’t try to time the bottom – start buying good companies now

Markets are having a rough time, so you may be tempted to wait to try to call the bottom and pick up some bargains. But that would be a mistake, says …
1 Jul 2022
UK house prices are definitely cooling off – but are they heading for a fall?
House prices

UK house prices are definitely cooling off – but are they heading for a fall?

UK house prices hit a fresh high in June, but as interest rates start to rise, the market is cooling John Stepek assesses just how much of an effect h…
30 Jun 2022