Petroneft misses year-end goal

5th Jan 2011 10:18

Russia-focused oil and gas group Petroneft Resources will miss the year-end target for crude output at Licence 61 in Tomsk Oblast. The group said that production growth was hit by "greater-than-expected formation damage" resulting from the drilling and completion process. From 9 of the 11 wells drilled, year-end production reached 2,750 barrels of oil per day (bopd), less than the 4,000bopd goal. However, Petroneft plans to drill 20 wells in Licence 61 over the next 12 months and has not changed its view on the potential of the field. The board remains confident of achieving its target of 8,000bopd by end 2011 and 12,000 bopd by end 2012."While our well performance is good, it has been limited," says CEO Dennis Francis. "However, this will be resolved by the hydraulic fracturing programme and has not in any way changed our view of the reservoir quality or overall productivity of the field."