Ukrnafta starts drilling new well in Lviv Region

The largest oil-producing company, Ukrnafta, is drilling an oil well 105 at the Verkhniomaslovetske field in the Lviv Region.

This follows from a statement by Ukrnafta, the Ukrainian News agency reports.

"The work started ahead of schedule, and as of today, almost half of the way has been completed - out of the planned 2,213 meters, the well has already been drilled for 1,084 meters. Commissioning is planned for August 2023. The expected initial oil flow is 24.3 tons per day," says the statement.

The construction cost is UAH 105 million; the payback period is 2-2.6 years.

At the same time, the well is predicted to work for at least 15 years.

Four new wells will be built at the Verkhniomaslovetske field this year, and five more in 2024.

As the Ukrainian News agency earlier reported, Ukrnafta reported a profit of UAH 4.3 billion for the first quarter.

In 2023, Ukrnafta plans to increase oil production by 6% year over year to 1.45 million tons.

Previously, the shares of Motor Sich, Ukrnafta, Ukrtatnafta, AvtoKrAZ, and ZTR were alienated into the state's property during the martial law period.

After its completion, the assets may be returned to their owners, or their value may be reimbursed.