PetroNeft Brings Tungolskoye's T-503 Well in Western Siberia Online

PetroNeft has commenced oil production from Tungolskoye’s T-503 well, which is located in License 61 in Western Siberia.

The well was brought online on July 14, 2015 and its average flow rate over the last five days has been over 550 barrels of oil per day, according to the company. PetroNeft stated in a press release that “higher oil rates should be possible once the well has fully cleaned up completion and drilling fluids” and claimed that the latest test rate at T-503, conducted on July 21, 2015, was 675 bopd.

PetroNeft has also revealed that early work on the processing and interpretation of new 621 mile 2D seismic data, acquired in the northern part of License 61, indicate that the Sibkrayevskoye oil field is “significantly larger than currently mapped and extends to the southeast, including the East Sibkrayevskaya lead under one overall closed structure”. A reserve update is expected to be released at the end of the year incorporating new seismic and well data.

Dennis Francis, chief executive officer of PetroNeft Resources, commented in a company statement:

"We are very pleased with the T-503 well result, which clearly demonstrates the potential for materially enhanced flow rates to be achieved from horizontal production wells. While the well is still cleaning up, initial indications of its productivity are very good…While our near term focus remains on production growth, we are also very encouraged by the potential significant reserve upside at Sibkrayevskoye, which is already our largest field at around 50 million barrels (gross). We look forward to deepening our understanding of this field over the coming months."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
Coordinator -Environmental/Regulatory
Expertise: Geoscientist
Location: Midland, TX
 
Core Analyst Trainee
Expertise: Geologist
Location: Denver, CO
 
Blender Operator
Expertise: Production Operator
Location: Santa Fe Springs, CA
 
search for more jobs

Brent Crude Oil : $55.48/BBL 0.25%
Light Crude Oil : $49.91/BBL 0.04%
Natural Gas : $3.15/MMBtu 4.30%
Updated in last 24 hours