News

Development strategy

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.

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.