OREANDA-NEWS. Today, Vostok NAO Oil Company, a joint venture of PJSOC Bashneft and PJSC Lukoil, has started drilling the first prospecting well as part of its geological exploration programme in the Nenets Autonomous District.

Well No. 1 'Yuzhno-Visovaya' targets a prospective formation of the same name at the Severo-Yareyaginskiy subsoil area. The well’s target depth totals 4,000 metres. Earlier, 3D seismic surveys covering 103 sq. km had been completed at the licence area. The resource potential of the formation is concentrated in Devonian deposits.

This year, Vostok NAO plans to drill another prospecting well at the Yangareyskiy licence area in the Korotaikhinskaya depression in the north-east of the Nenets Autonomous District. The work is performed in accordance with a long-term programme which includes seismic surveys, prospecting and exploration drilling and research and development. Investments in geological exploration to be made by Vostok NAO in 2016 are estimated at 2.5 billion roubles.

Note. In May 2014, Bashneft and Lukoil set up a joint venture, LLC Vostok NAO Oil Company (50/50), to conduct geological exploration and prospecting and produce hydrocarbons at seven licence areas owned by the companies in the Nenets Autonomous District. Bashneft transferred subsoil licences for the Vostochno-Padimeyskiy, Nyarioyakhskiy, Savatinskiy, Sabriyaginskiy and Yangareyskiy licence areas to the joint venture, while LLC Lukoil-Komi transferred the rights for the Verkhneyangareyskiy and Severo-Yareyaginskiy licence areas, which were acquired by the companies at auctions in October 2011 and February 2012. From 2013 through 2015, 2D field seismic surveys totalling 1,152 linear kilometres and 3D seismic surveys covering 2,433 sq. km were conducted at the company’s areas.