Petroneft says it is ‘well positioned’ for 2021

Petroneft said on Friday that while Covid-19 has presented challenges to the world’s energy markets, the oil and gas exploration and production company is now seeing “increased stability” and is optimistic for 2021.

Petroneft, which operates in the Tomsk Oblast in the Russian Federation, said that in the six months to end June 30th 2020, gross production from its Licence 61 stood at 1,566 barrels of oil a day, while it also restarted construction of a mini refinery at the licence, which is now under test production.

A 26 km pipeline, connecting Sibkrayevskoye field to the central processing unit was completed “significantly ahead of schedule and within budget”. This will allow year-round production from Sibkrayevskoye which commenced from the end of March 2020.

Elsewhere, the resources company said that it has successfully completed extended well test of the C-4 well producing, and is selling 1,200 barrels of oil at a competitive rate.

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David Golder, chairman of Petroneft Resources said that the first half of 2020 presented many challenges to the company through the dual effects of the Covid pandemic and turmoil in the world's energy markets.

“We have however been seeing increased stability through the third quarter and are optimistic that this will continue through the end of 2020 and into 2021. With the success of the C-4 extended well test combined with stabilising production at Licence 61, we believe the company is well positioned to benefit from a future improvement in the market. We are particularly looking forward to an active winter work program at the end of this year and in to 2021.”

Petroneft also said that Daria Shaftelskaya and Pavel Tetyakov have joined the board, while Maxim Korobov resigned after almost four years as a director.