Irkutsk Oil’s sets a new production record

September 7

August production reached a record of 750,000 tons while eight months’ accumulation production topped 5 million tons, a 50% increase relative to the same period in 2015.
Иркутская нефтяная компания установила очередной рекорд добычи УВС

Irkutsk Oil’s conducts a large-scale program to intensify oil and gas condensate production. The INK Group is drilling significant amount of new wells, applying enhance oil recovery methods at the producing wells, and simultaneously building in-field transportation infrastructure. As a result, daily production increased 30% in July 2016 over the same month of the previous year, to 25 thousand tons from 18 thousand tons.

With over 20 producing wells at the Yaraktinsky, INK continues to construct well pads (19 well pads at the Yaraktinsky field built this year) and old drilling pads are being revamped. Exploratory and production activity at other fields also yields in positive results.

Enhance oil recovery methods used include optimization of flooding pattern using geological and hydrodynamic models and installation of a downhole pumping equipment at the producing wells, while improving a large number of supportive processes in parallel.

Background Information

Irkutsk Oil Company, LLC (INK) was established on November 27, 2000. INK holds a group of companies conducting geological study, exploration and production of hydrocarbons in 23 license blocks in Eastern Siberia.  INK and its subsidiaries (collectively INK Group) have discovered eight new oil and gas fields in the Irkutsk region and the Republic of Sakha (Yakutia). Since inception, INK has invested over 100 billion rubles in drilling, work-over operations and building oil and gas transportation and treatment infrastructure. INK is the largest taxpayer in Irkutsk region. In 2015 alone, some 6.7 billion rubles of INK’s tax payments were paid to the Irkutsk region’s treasury and comprised 6.3% of the regional budget. In 2016 tax payments of INK could reach 10% of the regional budget. 
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