Surgutneftegaz reports on raise of oil output in 2000

Jan 09, 2001 01:00 AM

Surgutneftegaz, Russia's third largest oil holding, announced that it had extracted a total of 40.6 mm tons of crude in the year 2000. In 1999, by contrast, it extracted some 37.6 mm tons. The company's oil output levels are expected to keep rising; managers said that they expected Surgutneftegaz to produce 42.2 mm tons in 2001.

They said the company had been able to increase production by stepping up its drilling activities and boosting investment spending. Some 2,115 km of new wells were drilled last year, the managers said, without providing comparative data from 1999. They also noted that Surgutneftegaz had invested 31.1 bn roubles in development projects in 2000, more than double the previous year's figure of 14.5 bn roubles. (The money was used to sink 766 new wells and start production at three new oil fields, they said.) Another 37 bn roubles will be invested in development projects in 2001, they added.
The managers also noted that Surgutneftegaz had extracted 11.2 bn cm of natural gas last year, up slightly on the 1999 figure of 11.1 bn cm. Meanwhile, they said, the company's refineries processed 17.3 mm tons of crude oil in 2000, compared to 17.2 mm tons the year before.

Source: NewsBase
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