Surgutneftegaz Raises Oil Output by 11.8% in 2002

The volume of oil extracted by Surgutneftegaz (Tyumen Region) in 2002 rose by 11.8% in comparison with 2001 to reach 49.2 million tonnes. According to the company's press office, gas production rose by 20% to 13.3 million cubic metres. This year Surgutneftegaz has brought three new oil and gas fields into service, as well as opening 911 new wells. The company has also built 738 kilometres of pipelines and 76 kilometres of roads, and erected 436 kilometres of electricity lines. In addition, Surgutneftegaz has built 11 new automobile service complexes and redeveloped 8 service stations during 2002.

Surgutneftegaz was founded in 1993. The company's stock is worth approximately USD 1.37 billion and it has 47,998 shareholders. The largest packets of shares (over 5%) belong to the 'Surgutneftegaz' Oil Company and the independent Surgutneftegaz pension fund.

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