Sibneft follows its plan on oil production growth

Sibneft purchased a 67 percent block of shares in Meretoyakhaneftegaz (Yamalo-Nenets Autonomous Area). The shares were purchased from the Russian and foreign companies, the press service of Sibneft reported. Meretoyakhaneftegaz (MNG) has a license to explore the Meretoyakhinskoye oil field, whose estimated resources are 121m tons of oil. The exploration of this oil field is to be started in the near future. The estimated amount of necessary investments into this project is $80m. It is expected that all shareholders of MNG will participate in it. Sibneft President Yevgeny Shvidler pointed out that the control over MNG was "a part of Sibneft's strategy on further increase in oil output". As it was earlier reported, Sibneft planned to invest $637m into oil production in 2002. Visit to &to=http://www.sibneft.ru/index.shtml' target=_blank>SIBNEFT