Oil Production Surges in Russia

Oil and gas condensate production amounted to 99.4m tons in the first quarter of 2003, which was 11.1 percent higher than in the corresponding period of 2002, the Russian Finance Ministry said in its report devoted to Russia's social and economic development in the period from January to March 2003.

The largest advance in oil production in the reported period was registered at Sibneft (126 percent), YUKOS, (122.1 percent), Slavneft (116.7 percent), Surgutneftegas (110.9 percent) and Rosneft (106.5 percent).

According to the ministry, oil exports went up by 7.6 percent in the first three months of this year, compared to the corresponding period of 2002. The gain in oil exports to countries outside the CIS was 5.7 percent, and 15.7 percent to the CIS. The share of exported oil in the total amount of oil production was 47 percent.