Petrosibir entered into an agreement to drill two exploration wells on the Suyanovskoye license block adjacent to its Ayazovskoye oil field in the Russian republic of Bashkiria. Multiple exploration prospects exist on the 300-sq km license area, the company said.
The first well will be drilled on the Yanbayskaya structure in the southwestern part of the license and is expected to be completed by yearend. The second will be drilled on the Orlinskaya prospect in the eastern part of the block with completion expected in second-quarter 2021.
Each well will target multiple horizons including Bobrikovsky and Kyn-Pashyisky. Preparatory work has been completed and the drilling rig is set up.
The Suyanovskoye license is a combined exploration and production license. Oil company Bashneft currently produces oil from neighboring fields Shimskoye, Kungakskoye, and Islamovskoye. Some 15 wells were drilled in the license area during the Soviet era, and oil was encountered in layers from the Carboniferous period. None drilled as far down as the Devonian period, from which Petrosibir is producing oil on the neighboring Rustamovskoye block, indicating further potential, according to the company web site.
Petrosibir has collected seismic data at Suyanovskoye field and identified three structures. The oil resources are estimated at 47 million b/d of oil. Previously conducted helium studies on the field indicate the presence of hydrocarbons and an active petroleum system.
Geoservice LLC will finance drilling in exchange for 49% interest in the license. Petrosibir is financing all preparatory works such as pad and road construction, permitting documentation, water supply, etc. Future work, including wells testing, production infrastructure, seismic and new drilling, will be funded in accordance with the 51-49 equity split. Petrosibir retains an option to buy out Geoservice’s interest within 12 months after drilling is completed.
