The increasing stock of orders of NaftaGaz, the Russian oilfield services holding, which grew by 55% in 2019, had a logical impact on Q1 business performance.
The penetration by Naftagaz-Drilling LLC in Q1 of the current year increased by 24% compared to the same period of the previous year. Construction of 43 wells was completed, which by third exceeds the result of Q1 2018.
“We have been one of the leaders in Russia in terms of the specific rate of horizontal wells construction for several years,” said Islam Nazaraliyev, General Director of NaftaGaz JSC, the managing company. “The share of such wells in the volume of services provided by the company in 2016-2018 stays stable at 65–70%. We are mastering increasingly technological types of works to meet high requirements of our customers.
The average time for relocation has decreased by 43%, and the production time factor has increased by 1%.
At the same pace and with account of the increased stock of orders, the company will significantly exceed 2018 performance.