Company news in April 2004

Verkhnechonskneftegaz OJSC and the Katanga Region Administration, Irkutsk Region, Conclude Cooperation Agreement

Verkhnechonskneftegaz OJSC (VCNG) and the City Hall of the Katanga District concluded the cooperation agreement whereby the district''s administration will, in particular, provide support to the corporate mineral user in shaping the infrastructure necessary for the field development, informed a spokesperson in TNK-BP Management OJSC Irkurtsk rep office on April 13. On its part, VCNG will provide financial aid to the city hall in development of the region''s healthcare industry, education, culture, and sports. VCNG holds the license to use minerals of the Verkhnechonsk oil, gas, and condensate deposit located in the Katanga District. Major shareholders of Verkhnechonskneftegaz OJSC are TNK-BP (62% of shares), Interros, holding company (25%), and the Irkutsk Region Administration (11.24%). The Katanga District is the southernmost and the largest in the Irkutsk Region; its area is similar to that of the Omsk Region, 139,000 sq.km. The Verkhnechonsk oil, gas, and condensate field is the biggest in Eastern Siberia, with proven gas reserves of 129.2 billion cm of gas; 3.4 million tons of condensate, and 201.8 million tons of the С1+С2 category oil ready for commercial development.

Source: PRIME TASS

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