Petroneft starts oil production

IRISH oil and gas exploration company Petroneft, which owns two licences in the Russian state of Tomsk has announced the start of year-round oil production in the region marginally ahead of schedule.

The company is planning to produce oil from 11 wells by the end of the year, producing an aggregate of 4,000 barrels of oil per day by the end of December.

Chief executive Dennis Francis called the development “a transformational milestone”.