Oil business development is among LLC Yukatex Oil strategic goals. LLC Yukatex Oil accounts for the bulk of the oil production. LLC Yukatex Oil is going to increase its annual hydrocarbon production to 50 million tons of oil equivalent by 2020 and maintain that level through 2025. In order to attain these goals, LLC Yukatex Oil will strive for maximum efficiency in the extraction of the remaining reserves from the current resource base by employing its best optimization practices, reducing the cost of proven technologies, and introducing and adopting new technologies on a mass scale. It is planned to establish a new oil production center in the north of the Republic of Komi Autonomous Area and to develop assets pertaining to unconventional reserves.
During fist years of fields' discovery oil production was seasonal - in warm season oil was barged by the river to the oil refinery in Republic of Komi. In winter time well sites were closed. Climate and landscape of this area made it impossible to use traditional methods to lay out roads, drill wells, construct pipelines and field facilities. In fact, the oil producing division was a real testing ground where various technologies and methods were created and applied to develop fields in severe geological and climatic conditions. The division proved to be a true forge of skilled workers for the whole Komi Republic.
The LLC Yukatex Oil major activities abroad include oil and gas prospecting, hydrocarbon production, service delivery, and acquisition of new oil and gas assets in the world’s key regions. The LLC Yukatex Oil operates in CIS coutries and Europe.
Further geological surveying projects and the introduction of new methods to increase mine output will make it possible to extend this period by several more decades. LLC Yukatex Oil has major shares holds company that operate the oil production sector that owns an oil field.