Gazprom Neft develops innovative EOR method

AK&M 10 December 2020 15:21

Gazprom Neft has developed and successfully tested an innovative enhanced oil recovery (EOR) method to triple oil production fr om low-permeable formations, the company informed.

The new jet tunneling technology was tested at the Eastern section of the Orenburgskoye field currently being developed by Gazpromneft-Orenburg wh ere the economic effect of this technology will exceed RUB 2.3 billion.

The jet tunneling technology is based on making channels in formations using a flow of chemical agents pumped into the formation under high pressure. Through channels, oil from previously inaccessible sublayers gets into the well. During the testing, the new solution increased oil inflows from horizontal wells in the Eastern section of the Orenburgskoye field by 300% on average. The technology has proven to be more cost-effective than conventional EOR methods.

Gazprom Neft PJSC (tax number: 5504036333) and its subsidiaries own 61 licenses for the prospecting and development of oil fields. The proven oil reserves in the company's fields exceed 4.5 billion barrels. The company's largest shareholder is Gazprom Group.

IFRS net profit attributable to the shareholders of Gazprom Neft PJSC for 2019 increased by 6.2% YoY to reach RUB 400.201 billion versus RUB 376.667 billion a year earlier. Revenue was RUB 2.485 trillion decreasing by 0.2% YoY from RUB 2.489 trillion). Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) stayed flat YoY at RUB 795.1 billion, despite negative price dynamics and adverse market trends.