Ukrnafta increases well output in Poltava region to 104 tonnes of oil after overhaul

PJSC Ukrnafta has completed a major overhaul of a well in the Poltava region, increasing its output from 0.2 tonnes to 104 tonnes of oil per day.

"Following a proposal by the well management department, a major overhaul was carried out on one of the wells. The goal was to further explore the Bashkirian deposits in areas of the field previously identified as potentially productive," the company said in a press release on Wednesday.

Before the overhaul, the well produced 5,200 cubic meters of gas and 0.2 tonnes of condensate per day. After completing the operations, the well began yielding commercial quantities of both oil and gas. The initial output reached 104 tonnes of oil, 520 times more than before the repair, along with 51,500 cubic meters of gas per day.

"I want to thank the Ukrnafta team for not only increasing hydrocarbon production but also confirming the importance of further exploration for the company’s development," said Serhiy Koretsky, CEO of Ukrnafta, in the press release.

The well has now been put into pilot-industrial operation, which will allow for additional geological and industrial data collection on the deposit – important for evaluating the field's overall reserves.

Ukrnafta is Ukraine's largest oil extraction company and operates a national network of filling stations. In March 2024, the company took over the management of Glusco assets, and now operates 545 filling stations – 460 of its own and 85 under management.

The company is implementing a comprehensive program to renew operations and modernize the format of its filling stations. Since February 2023, Ukrnafta has been offering its own fuel vouchers and NAFTA Cards, which are sold to both legal entities and individuals through Ukrnafta-Postach LLC.

The largest shareholder in Ukrnafta is Naftogaz Ukrainy, which holds a 50% plus one share. In November 2022, the General Staff of the Armed Forces of Ukraine decided to transfer the corporate rights of the company, previously owned by private shareholders, to the state. The Ministry of Defense now oversees these shares.