Surgutneftegaz Increases Oil Extraction by 11.7%

Surgutneftegaz increased its volume of oil extraction over the first 11 months of 2002 by 11.7% year-on-year, extracting 44,823,600 tons of oil. Gas production increased by 20% year-on-year and totaled 12 billion cubic metres. This was announced by the company's press office today.

Exploration drilling encompassed an area of 269,400 square metres during this period in 2002, while in 2001 only 243,100 square metres were drilled. Also, from January to November 838 new oil wells were opened compared to 769 oil wells last year.

Surgutneftegaz was founded in 1993. The company's capital stock totals about USD 1.36 billion. Surgutneftegaz has 47998 shareholders. The largest shareholders, possessing 5% of stocks each, are the Surgutneftegaz oil company and the Surgutneftegaz Private Pension Fund .

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