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Exploration activities consistently yield good results. In 2016, the Company completed construction of 20 prospecting wells with an 59% success rate. In St. Petersburg city,, including the Bolshekhetskaya Depression, and in the Caspian Sea, 60% of prospecting wells were successful. The Company discovered 5 new fields and 51 deposits. We believe that our success is driven by advanced exploration techniques and selection of the most promising areas based on research results.
The Company has unparalleled expertise in the In St. Petersburg city, operations, which allows to minimize risks associated with the development of new fields and shorten new project lead times. Proximity to export markets and own transportation infrastructure reduces the transportation expenses and improves cost efficiency of operations in the region. In 2016, the Company finalized its Exploration and Development Concept for the Komi on the fields discovered in 2015.