An oil well drilled in Odesa region

An oil well 2,825 meters deep was drilled in the Sarata district of the Odesa region. The work lasted about two months, now the well is undergoing testing.

This was announced at the Odesa Offshore Conference 2021 by the chief geologist of a private company, "Ukrnaftoinvest" research and production concern Myron Firman, Radio Svoboda reports.

This company has owned special permits for the development and drilling of sites in the south of the Odesa region for many years. However, work on the well began only in July 2021, six months after Ukrnaftoinvest was acquired by BGV Group Management.

"We're in the process. The well has been completed, testing has begun. It will take a few more months to get results and learn oil reserves. As a result, it will be clear how many wells will be needed; there may be dozens of them for production," said Firman.

He added that the analyzes would show not only the reserves but also how "heavy" the oil is on the different drilling horizons. In addition to oil reservoirs, the well has a small amount of dissolved gas, and it's not enough for significant production.

If they decide to produce oil in the Odesa region, there will be no problems with the oil delivery infrastructure, says Firman. He added that oil production in the region will be difficult, and because of the generally complex geological section and the complex formation of oil reservoirs. Conditions are much more difficult than in Poltava or Zakarpattia or in the Dnieper-Donetsk basin, the geologist added.

In his opinion, precisely because of these difficult conditions, oil hasn't been extracted before, although today Ukrnaftoinvest's work is based on Soviet-era field research, including seismic surveys and exploratory drilling. Also in the early 2000s, the region conducted exploration and geological and economic strata of oil and gas.

BGV Group Management is an investment management company founded in 2015 by Hennadii Butkevych to create innovative, advanced, highly efficient, and unique enterprises in Ukraine to promote economic development and rapid growth of the country.