Company news in June 2004 | |||
Tyumenneftegaz Boosts Crude Oil Output by 1.2%, to 873,500 Tons, over 5 Months
At 873,456 tons, Tyumennegtegaz OJSC (makes part of TNK-BP) has increased crude oil output by 1.2% y-o-y in January/May 2004, the company informed on June 8. The output came to 183,130 tons of crude oil in May (versus 177,112 tons y-o-y), 176,802 tons in April (171,830 tons), 176,805 tons in March (176,769 tons y-o-y), 160,212 tons in February (157,063 tons), and 176,507 tons in January (180,477 tons y-o-y). As reported earlier, Tyumenneftegaz OJSC extracted 2.082 million tons of oil in 2003, and the output will remain on the same level in 2004. Net profits of Tyumenneftegaz OJSC stood at RUR 366.6 million in 2003 as compared with the net loss of RUR 546.6 million a year earlier. In 2004, the company will focus on development of oilfields in the south of the region. Whereas over RUR 324 million in capital investments were used there in 2003, RUR 500.6 million will be spent in 2004. In particular, the idea is to produce over 920,000 tons of oil in 2004 (versus 893,000 tons in 2003). Beta-testing will be continued at the North Demiansk field. The plan is to continue prospecting in the south of the region, including seismic prospecting, which will enable to prepare for drilling of 7 prospective structures with reserves of at least 20 million tons of oil. In addition, TNK-Uvat OJSC (which also makes part of TNK-BP), in the south of the region, is getting ready for development of the Uvat group of fields – 8 subsoil blocks with the area of over 18,000 sq. km with reserves of over 115 million tons of oil. Specialists estimate that creating a new oil and gas-extracting province in the south of the region will require $ 1.3 billion. Total oil reserves in the south of the region are estimated at approx. 1.5 billion tons.
Source: PRIME TASS