Yukos to double output from Priobskoye field

May 22, 2002 02:00 AM

Oil production at the giant Priobskoye field in West Siberia is expected to double this year to 260,000 bpd from 129,000 bpd in 2001, Bruce Misamore, CFO of Russia's Yukos said. By 2005 output at Priobskoye, one of the biggest onshore fields in the world, will reach a peak of 500,000 bpd, Misamore told.

The field is operated by Yukos' upstream affiliate Yuiganskneftegaz. Priobskoye will account for almost 60 % of Yukos' planned incremental oil in 2002, when the company's output is expected to rise by up to 20 % to reach 1.36- to 1.4 mm bpd, up from 1.18 mm bpd in 2001. Yukos' 2002 budget calls for $ 775 mm worth of investment upstream.
Some 327 new wells will be drilled during the year. Yukos' "primary focus upstream is to lower production costs", Misamore said. Lifting costs in the first nine months of 2001 were $ 2.08/bbl.

Source: Platts
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