Dublin-listed exploration company Petroneft has reduced its forecasts for oil production this year as it will have fewer wells available.
In a trading update to coincide with its AGM today, it said production was currently averaging around 2,500 barrels per days (bpd), mainly from seven wells.
Petroneft said it now expected production from its licence 61 in Russia to be 4,000-5,000 bpd in the first quarter of next year, rising to 7,000-9,000 bpd in Q1 of 2013.
The company said it was planning to increase the number of wells drilled in the Pad 2 area of the oil field, but reduce the number drilled from Pad 3. But it said the overall impact on reserves at the field was minimal.
'While the results of Pad 2 drilling are encouraging, the Pad 3 drilling results will limit near-term production growth,' said CEO Dennis Francis.
'We are currently producing from less than 10% of our current discovered reserves and this year's exploration programme has the potential to double these reserves and hence our long-term production capability,' he added.
