Petroneft production improves in July as programmes start to yield benefits

Dublin-headquartered oil and gas exploration company Petroneft said production rose in July, as market conditions improved and field optimisation programmes began to show benefits.

The company, which operates in the Tomsk Oblast, Russian Federation, said production at its Licence 61 operation was up year on year by 7.8 per cent, to 1,589 bbls a day in July 2020, and was currently averaging 17 per cent above July 2019 levels. Petroneft said a combination of optimising the waterflood programme at the Lineynoye field and placing the Sibkrayevskoye field into year-round production yielded the increase.

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s s shares are listed on the London AIM and Dublin ESM Markets.

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