Business news from Ukraine

DTEK OIL&GAS COMPLETES DRILLING DEEP WELL ON MACHUKHSKE FIELD

DTEK Oil and Gas has completed the drilling of well No. 57 with a depth of 5,270 meters on Machukhske field and received a flow rate of 300,000 cubic meters per day with a significant growth potential.
According to the press service of the company, the well was drilled in conditions of ultra-high reservoir pressures in 136 days, which is 32 days ahead of the planned date.
“During the work, a Bentec-450 t drilling rig equipped with an intelligent top drive system Smart Top Drive was used. The deviated section of the well was built using Schlumberger rotary steerable systems and LWD logging modules,” the company explained.
DTEK Oil and Gas also noted that a new set of research methods proposed by Weatherford was implemented during the work, which made it possible to conduct an additional assessment of the geological structure, confirm the resource potential and plan technologies for further development of the field.
The drilling contractor was Service-Oil LLC.
As reported, DTEK Oil and Gas increased natural gas production in 2019 by 0.7% compared to 2018, to 1.66 billion cubic meters.

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U.S. HALLIBURTON STARTS DRILLING IN UKRAINE

Halliburton, an American oilfield services company, has launched a project to drill sidetracks from the inactive fund of JSC Ukrgazvydobuvannia.
According to the press service of the company, at the end of November Halliburton began work on a well on Chutovske field, which was decommissioned in 2016 due to a breakdown in the tubing. It is planned that work on the well will be certified at the end of January 2020, and by the end of the year production from the restored well will be 25 million cubic meters.
“Given the significant depletion of Ukrgazvydobuvannia’s resource base, the implementation of such projects will help keep the volume of natural decline in production. In total, as part of the joint project, Halliburton will carry out turnkey drilling of sidetracks on 26 wells. According to forecasts, additional production from operations will exceed 2 billion cubic meters over ten years,” the company said.
Ukrgazvydobuvannia, 100% of which is owned by Naftogaz Ukrainy, is the country’s largest gas producer, providing about 75% of the country’s total gas production.
Halliburton is the second largest oilfield services company in the world. At the end of 2018, the company’s revenue increased by 16%, to $24 billion.

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POLTAVA PETROLEUM COMPANY COMPLETES DRILLING OF THIRD WELL SINCE YEAR START

Poltava Petroleum Company, a subsidiary of British-based JKX Oil & Gas plc, has successfully completed drilling the third (IG142) well since the beginning of the year (Ihnativske field), having received an average daily production rate of 152,000 cubic meters of gas and 709 bpd (barrel per day) of oil and condensate, JKX reported on the London Stock Exchange’s website.
The company said such results had significantly exceeded expectations.
“This is the fourth successful new well drilled by the Ukrainian subsidiary of JKX, Poltava Petroleum Company, since the approval of the five-year development plan,” the report says.
Poltava Petroleum Company is one of the largest non-state oil and gas companies in Ukraine. It owns five extraction licenses (Rudenkivske, Ihnativske, Novomykolaivske, Molchanivske, Yelyzavetivske deposits) and one license for geological exploration (Zaplavska deposit).
JKX Oil & Gas is engaged in the exploration and production of hydrocarbons in Ukraine, Russia, Hungary, and Slovakia.

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BRITISH OIL AND GAS COMPANY STARTS DRILLING WELL IN UKRAINE

Cadogan Petroleum, the British oil and gas company with assets in Ukraine, has commenced drilling the shallow Vovche-2 well on the Bitlianska license (Lviv region), the company has reported on the website of the London Stock Exchange (LSE).
Cadogan said that the well is anticipated to take 20 days to drill and will then be put on production if successful. The well is designed to test the potential of satellite prospects around an established, old oil field.
A heavier rig is being selected to drill the Blazh-10 well on the Monastyretska license (Lviv region) as planned at a depth of about 3,500 meters. The well is expected to spud in November and is anticipated to take three months to drill, the company said.
The Vovche-2 well and the Blazh-10 well fulfil the company’s remaining commitments on the Bitlianska and Monastyretska exploration licenses, a prerequisite to convert them into production licenses.

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UKRGAZVYDOBUVANNIA SIGNS UAH 4 BLN DRILLING CONTRACTS WITH CHINESE COMPANIES

PJSC Ukrgazvydobuvannia has signed contracts with Xinjiang Beiken Energy Engineering (XBEE) and Zhongman Petroleum and Natural Gas Group (ZPNGG) to drill 36 wells for UAH 4.032 billion. According to a report in the ProZorro e-procurement system, at the end of July the contract with ZPNGG for UAH 723.52 million was signed (lot 7), and the contract with XBEE for UAH 3.308 billion (lots 1-5) was signed at the end of August.
The company rejected the proposal of Energofinance LLC for lot 6 and plans to sign a contract with XBEE for UAH 776.991 million.
As reported, Ukrgazvydobuvannia announced a tender for drilling 42 more wells at the end of December 2017. The tender was held early February.
The strategy of the company until 2020 envisaged the increase in gas production from 14.5 billion cubic meters in 2015 and 2016 to 15.2 billion cubic meters in 2017, 16.5 billion cubic meters in 2018, 18.3 billion cubic meters in 2019, and 20.1 billion cubic meters in 2020.

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