PJSC Ukrnafta plans in 2017 to invest UAH 360 million in intensification of hydrocarbon production, the press service of the company has said.

According to its data, this year Ukrnafta plans to purchase 248 sections of electric submersible pumps , as well as submersible motors, gas separators, hydraulic protection, extension cables, submersible cables, submersible telemetry systems, control stations, tubing.

In addition, the company will acquire 79 new complete sets of electric pumps, which will replace sucker rod pumping units.

"These measures are being taken to increase oil debit on the existing wells and stabilize production volumes in the conditions of limited funding," a statement reads.

With a view to more efficient use of investment, the company experts are selecting promising wells, whose modernization will bring maximum benefit.

In general, Ukrnafta plans in 2017 to increase its investment program to UAH 2.5 billion, reinvesting all the proceeds from the reduction of oil royalties to 29%. Most investments will be spent on drilling and mining to maintain and upgrade the main production systems.