Company news in April 2004 | |||
Board of Directors of Verkhnechonskneftegaz Approves of the 2004 Action Plan and the Company''s Budget in the Amount of US$ 7.67 Million
Verkhnechoskneftegaz OJSC (VChNG) Board of Directors approved of the action plan and the company''s 2004 budget in the amount of US$ 7.670 million, the company informed. The principal corporate objectives will be to specify geological structure and geological/technological model of the Verkhnechonsk deposit, to draft beta-testing and landscaping projects for the deposit, as part of performing the license agreement this year. Verkhnechonskneftegaz OJSC was established in April 2002 by separation of the company from RUSIA Petroleum OJSC. It holds the license to use minerals, including prospecting of the Verkhnechonsk oil, gas, and condensate deposit, its development, and crude sales. VChNG''s shareholding structure is similar to that of RUSIA Petroleum where TNK-BP holds 62.71% of shares, Interros, a holding company, 25.94%, and the Irkutsk Region State Property Management Committee, 11.29%. The Verkhnechonsk oil, gas, and condensate deposit, the largest in Eastern Siberia, with the C1 and C2 category reserves exceeding 200 million tons of oil, has been prepared for industrial development.
Source: PRIME-TASS