OAO Novatek announced Tuesday that the Yarudeyskoye oil field in Russia has reached its planned production capacity of 9,700 tons (69,287 barrels) of crude oil per day.
The figure is equivalent to approximately 3.5 million tons (25 million barrels) per annum. Twenty-four production wells are currently in operation at the field, with the average flow rate exceeding 400 tons (2,857 barrels) of crude oil per day, per well.
Leonid V. Mikhelson, chairman of the management board of Novatek, commented in a company statement:
“The Yarudeyskoye field was launched in December last year and it has ramped up to its full production capacity in a record short period of time as planned. The new volumes of crude oil produced at this field will positively impact the dynamics of our production in 2016 and will contribute substantially to our free cash flow generation”.
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