YukosSibneft's oil reserves to reach 19.4bn barrels

The total YukosSibneft oil reserves will amount to 19.4bn barrels in oil-and-gas equivalent. According to a press release distributed at a joint press conference today, this forecast includes the reserves of Slavneft and it is based on the SPE oil reserves estimate done in the late 2001.

As reported earlier, YukosSibneft was established as a result of the merger between Russian oil giants YUKOS and Sibneft. The new company's oil production will run to some 2.3m barrels a day. Possibly, the company will be headed by YUKOS CEO Mikhail Khodorkovsky, while Sibneft President Yevgeny Shvidler is likely to become the Chairman of the Board of Directors.

The merger is expected to be complete by the end of this year.

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