Company news in July 2004 | |||
Orenburgneft to Increase Investments into Prospecting by More Than Three-Fold, to RUR 1.77 Billion, in 2005
Orenburgneft OJSC plans to increase investments into prospecting in the Orenburg Region up to RUR 1.770 billion in 2005 versus RUR 530 million planned for 2004, according to the statement of ONACO Media with reference to Mr. Sergey Nazarov, Chief Geologist at Orenburgneft. In his words, the company invested RUR 340 million in prospecting in the Orenburg Region in 2002, RUR 530 million in 2003; investments will stand at the same level in 2004. The entire program, up to 2009, which includes seismic research, wildcat and test drilling, envisages investments in the amount of some RUR 25 billion. This would enable to increase crude oil output by up to 13-16 million tons annually. According to Chief Geologist at Orenburgneft, seismic prospecting opening up prospects in the deposits of Devonian sediments is now the most efficient. For instance, thanks to seismic research, output increased by some 8 million tons of oil in the Sorochinsk/Nikolsk field alone.
Source: PRIME TASS