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RIA Novosti

Russia

Rosneft increases oil production by 8.2%, gas 4.2% y-o-y

17:55 25/12/2006
MOSCOW, December 25 (RIA Novosti) - Rosneft [RTS: ROSN] said it increased its oil production by 8.2% and natural gas production by 4.2% in 2006 year-on-year.

"According to preliminary data, the company's units will have produced 80.6 million tons of oil and gas condensate, which is 8.2% more than the 2005 figure," Russia's third largest crude producer said after a board session Friday.

The oil production growth is mainly due to the commissioning of new wells in Rosneft-Yuganskneftegaz, Rosneft-Severnaya neft, Rosneft-Sakhalinmorneftegas [RTS: SKGZ] and Rosneft-Krasnodarneftegaz [RTS: KDNG], as well as due to increased production volumes on the Sakhalin I oil and gas project on the northeast shelf of Sakhalin Island in Russia's Far East and acquisition of oil producer Udmurtneft.

In 2006, state-controlled Rosneft drilled and commissioned 411 new oil wells, or 26.1% more than last year.

According to preliminary data, gas production in 2006 will be 13.63 billion cubic meters, 4.2% more than the 2005 figure (13.1 billion cu m).

Rosneft said it will raise oil and gas condensate production by 11.7% to 90 million tons in 2007.

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RIA NovostiRosneft increases oil production by 8.2%, gas 4.2% y-o-y

17:55 25/12/2006 Rosneft [RTS: ROSN] said it increased its oil production by 8.2% and natural gas production by 4.2% in 2006 year-on-year. >>

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