Poltava Petroleum Company’s H1 2019 Results Show 56.9% Increase in Gas Production

JV Poltava Petroleum Company (PPC) has announced its H1 2019 results. From January through June 2019, PPC increased its gas production by 56.9% and oil and condensate production by 19% compared to H1 2018.

The Company has produced 131.1 MM m3 of natural gas and 20.5 thousand t of oil and condensate. The first two quarters have witnessed the completion of two new drills: well 3 in West Mashivske and oil well 81 in Novomykolaivske. The incremental production has been achieved due to the successful workovers and enhancement jobs, in particular in wells 101, 126 and 138 in the Ignativske field and well 16 in the Novomylolaivske field. Well 103 Ignativske shows steady production at 210 M m3 per day. Over the reporting period, ten projects have been completed both in PPC’s wells and in those owned by state-run companies. In particular, two wells were from JSC UkrGasVydobuvannya (UGV) stock of abandoned and suspended wells and one was from NJSC Nadra Ukrayny’s stock.

“Poltava Petroleum Company continued increasing its production in Q2 2019. The H1 hydrocarbon production has exceeded the H1 2018 figures by 56.9%. This upside trend has been achieved as a result of drilling new drills and implementing the workover and stimulation programme. Undoubtedly, it has become possible due to well-coordinated joint efforts by the entire team and, first of all, by Geology and Technical Departments. We proceed with the approved work programme, and, at the time being, we are at the final stage of drilling well 142 Ignativske. Our goal is to enhance production, as sustainably and efficiently as possible, to the benefit of the Company and all the shareholders”, said Viktor Gladun, JV PPC General Director.

For the five months in 2019, PPC’s production taxes for natural gas, oil and condensate amounted to UAH 272 million, with UAH 13.6 million of this amount directed to local budgets in Poltava Oblast including the communities of Nekhvoroshcha, Drabynivka, Tereshky and Bazylivshchyna. In addition, the report published by JKX Oil & Gas plc, PPC’s parent company, shows a 16.1% increase in the Group production in H1 2019 compared to H1 2018.

JV Poltava Petroleum Company, a joint Ukrainian-British venture, was founded in 1994. JV PPC is a leader among non-state oil and gas producers in Ukraine. The Company’s scope of activities: prospecting and exploration for oil and gas, and hydrocarbon production and processing. By applying advanced technologies and techniques, Poltava Petroleum Company makes its contribution to Ukraine’s energy independence.

10:26 / 12 July, 2019

Upcoming events
08:00 / 26 September, 2019
ODESA OFFSHORE CONFERENCE-2019 Ukraine has every chance to resume the work of the most promising oil and gas region, the Southern oil&gas fields. The untapped deposits of oil and gas are located both onshore and subsea. Four companies have already poised to conclude Production Sharing Agreements with Ukraine, whilst bidding for the Dolphin oil&gas fields on Black Sea shelf. The Odesa Offshore Conference (OOC2019) will serve as a venue for Ukrainian and international bidders to meet with local and international drilling, oilfield service and equipment manufacturers to kick-off emerging subsea and onshore projects in Ukraine.
12:00 / 13 June, 2019
08:00 / 23 May, 2019
Carpathian Oil&Gas Conference-2019 The development of oil&gas industry, introduction and implementation of new E&P technologies, stimulation, workovers &recovery of oil&gas wells will be among upstream focal points of the FIRST DAY of COGC2019 - 23 May. The SECOND DAY of Conference will be devoted to midstream, downstream, and trade in hydrocarbons, to spotlight the nowadays dynamics and robust changes in the Ukrainian oil&gas market. The Ukrainian Gas Market day of 24 May 2019 will become a marketplace venue for natural gas traders and natural gas transmission & distribution companies to meet and discuss prospective deals in the UAH 200 billion natural gas market of Ukraine.
Carpathian Oil&Gas Conference-2019
All events