Russia-focused Volga Gas reported Monday that a series of production test have been concluded on well #30 on the Vostochny Makarovskoye (VM) field in the Volga region of the country. The news was welcomed by analysts who follow the company in London, where shares in Volga are traded, although they are more interested in news also released by Volga' Friday that the Dobrinskoye field will soon receive a boost to its production.
Volga said that the #30 well on the VM field flowed at a rate of 5.7 million cubic feet per day (161,890 cubic meters of gas per day) through a 0.39-inch (10-millimeter) choke. The firm's management estimates that when placed on permanent operation, the production rates for the well will exceed 3.5 Mmcfpd (100,000 cubic meters per day) with condensate of approximately 20 cubic meters per day (125 barrels per day).
"News that the company has concluded a series of production tests on well #30 on the VM field, which should add low cost production capacity, is welcome," said oil analysts at London-based investment bank Fox Davies Capital in a research note on Volga. "Of more interest, however, is the imminent upgrade in production from the Dobrinskoye field… We will keep looking towards the next few months to see how operations progress."
Volga said that drilling operations on a sidetrack to the Dobrinskoye #22 production well have begun. The well had been shut in during July 2011, having been found to have suffered damage, but once operations are completed they are expected to add significantly to current production on the Dobrinskoye field – which has recently been producing approximately 5 Mmcfpd and 300 barrels of condensate per day from a single well.
Volga Gas Chief Executive Mikhail Ivanov commented in a press statement: "We look forward to bringing the VM field into full time production on completion of the ongoing upgrade to the gas plant in 3Q 2012. By the end of 2012, we expect to have five active production wells on the VM and Dobrinskoye fields with total production capacity of up to 35 Mmcfpd of gas plus associated condensate."
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