Russia makes new oil discoveries

Jan 22, 2003 01:00 AM

Russian oil companies discovered as much untapped oil in their deposits as they produced in 2002, at the same time new gas finds doubled production levels. The companies discovered 2.79 bn barrels of untapped oil in 2002 compared with 379.6 mm tons produced last year, and gas of 1.1 tcm.

Oil companies had invested $ 722.8 mm in exploration in 2002, while the state invested another $ 233.3 mm.
Russia produces every 10th barrel of crude in the world.

Source: Neftegaz.RU
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