Petroneft plans further Siberia drilling this year

Petroneft Resources — the Irish explorer with a specific operational focus on Siberia — is planning to re-commence drilling activity “later this year“, depending on successful outcomes of current debt re-financing talks and farm-out discussions.

The Dublin-based exploration firm, which has of late been concentrating on building up oil production from existing wells in order to pay down debt said, yesterday, that production levels at its Tomsk-based Arbuzovskoye field have remained steady at 2,500 barrels of oil per day (bopd) and production at its Lineynoye field “also remains very stable, with little decline evident”.

It added that the company has also benefited from strong realised oil prices in recent months.