Surgutneftegaz to Invest $189m in Geological Prospecting in 2002

The Surgutneftegaz oil and gas company will invest around 6bn rubles (about $189.3m) in geological prospecting in 2002, a source in the press service of the company reported to RosBusinessConsulting. This will allow the company to increase its oil reserves by 30m tons.

The prospecting department of Surgutneftegaz will be in charge of drilling 90 oil wells on 36 licensed oil fields in five districts of the Khanty-Mansi administrative autonomous area and two districts of the Yamalo-Nenets autonomous area. In 1997, 61 percent of retrieved oil resources have been compensated for, in 1999 - 74 percent and in 2001 - 81 percent. According to Chief Geologist, Deputy General Director of Surgutneftegaz Nikolay Medvedev, the company discovered 7 oil-bearing formations and one new oil field over the first nine months of 2002.

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