Business news from Ukraine


3 December , 2019  

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.