Ukrainian oil and gas extracting company Ukrnafta will restore 500 inactive wells.

State company Naftogaz subsidiary Ukrnafta plans to resume oil production at about 500 inactive wells, as reported by the company’s press service.

According to the head of Ukrnafta, Serhii Koretskyi, the company has already identified approximately 1,200 wells that belong to Ukrnafta but are located in licensed areas the company does not own. The company plans to negotiate cooperation with the holders of these licensed extraction areas. Moreover, in addition to Ukrnafta’s 1,800 operating wells, the company has another 4,300 wells that are liquidated, idle, etc.

Koretskyi added after a detailed audit and through the use of modern technology, it will be possible to restore about 500 wells that are not working today in the licensed areas of Ukrnafta and other companies. As reported by Ukrnafta, the company plans to drill at least three new wells in 2023 and drill side shafts on three more wells.