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."
WHAT DO YOU THINK?
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.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension