Oil Production
A Robust Network Propelling Industry-Leading Solutions
RECO OIL LLC state-of-the-art refinery is a testament to our commitment to excellence in refining. Equipped with state-of-the-art technology and staffed by skilled professionals, our refinery produces a diverse range of high-quality petroleum products, including gasoline, diesel, jet fuel and petrochemicals.
"...Igniting Progress...
...Expanding Possibilities..."
The Company possesses a well-balanced portfolio of upstream assets located across several key oil and gas provinces within its international operating footprint. The Company’s proved and probable (2P) reserves, assessed in accordance with the SPE-PRMS international classification, amount to 224 million tonnes of oil equivalent.
As at the end of 2023, oil production totalled 6.43 million tonnes. The operating well stock comprised 1,966 wells, while the injection well stock reached 675 wells.
During 2023, a total of 69 new oil wells were brought into production, delivering additional output of more than 535 thousand tonnes. Production enhancement measures applied to declining wells generated incremental production exceeding 262 thousand tonnes. Well intervention activities were carried out on 381 wells during the year.
Oil Production in numbers
- Oil Production 2023: 6 430k tons
- 1P Reserves: 164 mln tons
- 2P Reserves: 224 mln tons
- 3P Reserves: 293 mln tons
- AB1C1 Reserves: 445 mln tons
- AB1C1+B2C2 Reserves: 628 mln tons
Cumulative oil equivalent
- Mining Production 2023: 8 155 k tons
- AB1C1 Reserves: 547 mln tons
- AB1C1+ B2С2 Reserves: 750 mln tons
The Company’s strategy investment activities aimed at the organic growth of production drilling, the commissioning of new reserves in promising areas, the development of new infrastructure, and the modernisation of existing facilities. These initiatives are designed to support stable and sustainable growth in the medium term.
Within the framework of the approved development strategy, the main objectives of RECO OIL LLC’s production complex are to ensure steady growth in hydrocarbon production and to expand and strengthen the Company’s resource base.
To achieve these goals, a number of effective production programs have been developed that allow to form an optimal development and production management system and to reduce operating costs.
- Implementation of the program of additional appraisal of deposits and exploration;
- Implementation of engineering and technological solutions for the effective development of low-margin deposits and hard-to-recover reserves (HTR);
- Introduction of innovative methods for intensifying oil production from HTR and increase in oil recovery;
- Improving the operation efficiency of mature fields;
- Implementation of measures to raise the technological support for oil production process;
- Monitoring of field development using permanent geological and hydrodynamic models.
Company Mission
RECO OIL LLC aims to become a major international player with a regionally diversified asset portfolio across the whole value chain, actively contributing to regional development and demonstrating high standards of social and environmental responsibility.
Our Partners
