“Oil Company “Northern Radiance” Ltd has approved a business development strategy until 2025, its key element being to increase crude production by the means of well fund growth. The strategic aim is to reach by 2021 and then maintain oil extraction level no lower than 1 mln tons. The Company plans to produce no less than 9 mln tons of oil before 2025.
Besides the works on Mousershorskoye field, the Company is going to raise the production level on Shorsandiveiskiy and Lidushorskiy license blocks. These blocks make up approximately a third of the total production of the Company.
“Oil Company “Northern Radiance” Ltd owns four licenses for exploration and mining of hydrocarbon crude of Timano-Pechorskaya Petroleum province with the following periods of validity: