Severnaya Neft Increases Oil Production by 35% in 2002

The Severnaya Neft oil company announced yesterday that it had increased oil production in 2002 by 35% over figures for 2001, to a volume of 1,474,000 tonnes. Most of Severnaya Neft's work last year was connected with launching the trial exploitation of the Khasyreisky and Cherpayusky deposits of the Val Gamburtseva oil field in the Nenets Autonomous Republic. Before trial extraction of oil began (in July 2002), a complex including a pipeline, three booster pumping stations, and exploratory wells was constructed. Since July 2002, 236,300 tonnes of oil have been extracted at the Val Gamburtseva field.

In addition, Severnaya Neft last year began preliminary draining of water from the Sandiveisky oil field, which is responsible for around a third of the oil extracted by the company, and also put into action a project to use accompanying gas to supply energy to its oil wells. By the end of the year substantial work had been carried out on constructing a mini oil refinery at the Bagansky oil field (it is planned to start work in March 2003). In 2002 the company laid 172,400 km of oil pipelines, water pipes, and waste pipes.

Severnaya Neft is registered in the town of Oryol. The company operates in the Komi Republic and the Nenets Autonomous District. It has licenses to develop 15 oil fields in these regions.

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