PJSC Ukrnafta has begun drilling a new exploration oil well in a field located in western Ukraine.

“This will be an exploration well with a design depth of 1,211 m. The projected initial flow rate is 22.6 tonnes of oil per day,” the company said in a press release on Thursday.

The construction of the well is being carried out by the contractor, Navigator Komplekt LLC, which was identified on the ProZorro online procurement platform.

“It is worth noting that the contractor will drill three wells sequentially from one site,” the company noted.

As reported, Ukrnafta in 2023 increased oil and condensate production by 3% (by 39,900 tonnes) compared to 2022 - to 1.410 million tonnes, gas - by 5.8% (by 60.4 million cubic meters), to 1.097 billion cubic meters.

The company sets a strategic goal of doubling oil and natural gas production to 3 million tonnes and 2 billion cubic meters by 2027, respectively.

The largest shareholder of Ukrnafta is NJSC Naftogaz Ukrainy with a stake of 50% plus one share.