Currently “Oil Company “Northern Radiance” Ltd has prepared directions of development for 2015-2022, the main goals of which being company capitalization by the means of license portfolio growth and oil production increase.
The company plans to increase oil production by the means of drilling new wells, workover and offshoots spud-in, raising the exploitation rate to 1 mln tons per year.
License portfolio increase:
A high level of field development allows the company to gather extra research data with moderate investments. At the same time drilling new wells would allow to increment a significant amount of proven oil reserves.