Kyiv, January 10, 2019 – Joint Venture Poltava Petroleum Company (JV PPC) announced the results of performance over the period of 12 months of 2018. From January to December 2018 JV PPC increased the overall production of gas, oil and condensate, restored the drilling program and continued its work within the revised program of extraction intensification.
The volume of gas extraction for the period of twelve months in 2018 amounted to 181.45 million cubic meters, which shows an increase in overall extraction by 4.9% compared with the related results of 2017. The production of oil and condensate for four quarters amounted to 33.64 thousand tons. Also, the company produced 10.29 thousand tons of LPG.
The growth of overall production became possible due to the revival of the drilling program by JV PPC and the successful implementation of the work program on workovers and recovery of wells. Thus, the company completed drilling of the new well E308 in the third quarter and started drilling a new well on West Mashivska area in the fourth quarter of 2018. The result of the workover program and the intensification of extraction is the recovery of 20 wells (program of work of 2018), 8 of which belong to the state-owned companies. Among the positive factors, it is worth mentioning the completion of the drilling of the side track on the well IG103 of the Ignativske field, whose flush-production rate was more than 300 thousand cubic meters of natural gas.
In addition, JV PPC became Ukraine’s first gas and oil company, which voluntarily disclosed its own geological information and published it on its official website. The purpose of this step is to combat “dormant” licenses and increase transparency in the sphere of subsoil use. Also, JV PPC remains the most active gas and oil extraction company, which realizes its products via transparent e-trading platforms and advocates the establishment of a full-fledged gas exchange platform, and subsequently a gas hub.
In 2018, the PPC accounted for 549 million hryvnias of rent for the extraction of natural gas, oil and condensate, of which 27.4 million hryvnias were directed to local budgets of administrative units of the Poltava region, namely, to the budgets of Nehvoroshchanska united territorial community (UTC), Drabynivska UTC, Bazylivshchynska settlement council and Mykilska settlement council.
«In 2018 Poltava Petroleum Company revived its drilling program, which is one of the most significant achievements of our team. In addition, we are pleased to mention that our program on extraction intensification, which we developed and introduced in the end of 2017. Our main goal for the next year is to is to maintain the growth dynamics in production. To that end, we are considering new opportunities including participation in auctions for new licenses. In general, we estimate the results of the year positively», – said CEO of JV PPC Viktor Gladun.
Also, according to the report of the mother company JKX Oil & Gas plc, the overall extraction for 12 months of 2018 throughout the Group increased by 3.2% compared to 2017.