Surgutneftegaz Increases Oil Production by 12% in January

Surgutneftegaz produced 4.419 million tonnes of oil in January 2003, a 12% increase on January 2002. According to the company's press office, production of gas increased by 14% in comparison to last year and totaled 1.21 billion cubic metres. Surgutneftegaz brought 71 new wells into production in January (in January 2002 the figure was 65).

Surgutneftegaz was established in 1993. The company has a market capitalization of 43,427,992,940 roubles (USD 1.37 billion) and 47,998 shareholders. The largest stakes in the company (over 5%) are held by the Surgutneftegaz Oil Company and the Surgutneftegaz private pension fund. In 2002 the company produced 49.2 million tonnes of oil (an increase of 11.8% on 2001).

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