Ukrnafta boosts crude oil output by almost 5% in 2019

Ukraine's largest oil producer, Ukrnafta, in 2019 boosted crude oil and condensate production by 4.7% from 2018 to 1.516 million tonnes, increasing gas output by 7.5% to 1.163 billion cubic meters (bcm).

"In 2019, Ukrnafta increased its oil and condensate production and natural gas production. The average daily production of oil and condensate increased by 4.6% to 4.15 ktonnes/day against 3.97 ktonnes/day in 2018. The average daily gas production also increased from 2.96 mln m3/day to 3.18 mln m3/day," the company's press service said in a statement on January 30.

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The company succeeded to get positive production results under of restricted investment due to works on the existing wells such as recompletions, optimization of capital and planned workovers and replacement of the outdated equipment, the report said.

The company continues introducing remote monitoring of wells equipped with electric submersible pumps. In 2019, some 84 wells were added to the system. Now the system covers 196 wells.

In total, last year, Ukrnafta completed seven hydraulic fracturing operations and 160 capital workovers, as well as performed 57 production intensification operations, taking 121 wells out of non-operation.

Thanks to these operations, the company managed to produce additional 173,400 tonnes of oil and condensate and 138.1 million cubic meters (mcm) of natural gas.

As UNIAN reported earlier, Ukrnafta in 2018 boosted crude oil and condensate production by 5% from 2017, to 1.448 million tonnes, reducing gas output by 2.3%, to 1.082 bcm.

UNIAN memo. Ukrnafta is the largest state-owned oil and gas company in Ukraine. It accounts for about 68% of oil and condensate production, and 11% of gas extraction in the country. Ukrnafta is one of the key players in the retail market for petroleum products in Ukraine: the company owns more than 560 fuel filling stations throughout the country.

Ukrnafta's shares are listed on the Ukrainian Exchange (UX) and the PFTS Stock Exchange (Kyiv). Depositary receipts for company's shares are traded on the Frankfurt Stock Exchange.