Komi to Extract 13 Million Tonnes of Oil in 2003

Enterprises of Komi will be able to extract 13 million tonnes of oil and gas condensate in 2003, including 10.5 million tonnes on the territory of the Komi Republic, said Vice-President of Komi Yevgeni Leskin. As Komiinform reports, this will be the first time the republic has attained that level of extraction since 1992.

In 2002 the republic's oil enterprises are expected to extract 12 million tonnes of oil, 9.6 million of which will be extracted on Komi territory. In 2003 it is expected that the oil extracting and refining industries will be the fastest-growing in Komi. The volume of oil extracted is expected to increase by 9.4%, while the volume of oil refined will increase by 9.6% (after a two-year slump). The oil extracting industry will maintain the largest share of the Komi economy with 45% of the market (in 2002 - 44%). In 2003, as in 2002, oil extracting enterprises will finance most of the exploration work in Komi. It is estimated that around USD 100,000 will be invested in geological exploration although world oil prices will influence the investment policy of oil-extracting enterprises.

This year LUKOIL-Komi companies are expected to extract about 6.7 million tonnes of oil in total, 4.2 of which on Komi territory. Northern Oil should extract 1.5 million tonnes, Tebukneft 1.04 million tonnes. Eight republican enterprises are expected to extract between 100 and 500 thousand tonnes of oil and another 16 enterprises are expected to extract between 1 and 50 thousand tonnes.

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