Rosneft-Purneftegaz set to increase production volumes by 2005

The business development strategy of the Rosneft oil company provides for adecrease in oil production at Rosneft's subsidiary - Rosneft-Purneftegaz -to 12-13m tons by 2005, 17m tons - by 2010 and gas production - to 14-18bncubic meters and 25-30bn cubic meters respectively. This intention wasvoiced at a session of the Board of Directors of Rosneft in Moscow onSeptember 13. Purneftegaz's business development plan for 2003 provides for putting intooperation 232 new oil wells. The company's volume of oil production willreach about 11.5m tons this year, against the expected 10.1m tons. Gasproduction will go up from 2.2bn cubic meters to 2.8bn this year. Beginning 1998, Purneftegaz's specific capital investments increased by2.96 times. Its hydrocarbon resources account for 78 percent of alldeveloped hydrocarbon resources of its parent company. In addition,Purneftegaz plays an important role in the implementation of Rosneft'sjoint projects with Gazprom, the press service of the oil company reportedto RosBusinessConsulting. .

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