Surgutneftegaz Increased Oil Extraction by 10.7% in January-April

Surgutneftegaz extracted 17,217,800 tonnes of oil in the first four months of 2003, which represents an increase of 10.7% over the same period last year. The company's press office told Rosbalt that in this period it also extracted 4.316 billion cubic metres of gas (an increase of 8%). It drilled 980,600 metres of rock, compared to 918,400 metres in the same period last year. 293 new wells were brought into use, compared to 285 in the first four months of 2002.

Surgutneftegaz was established in 1993. Its charter capital is worth 43,427,992,940 roubles (approximately USD 1.4 billion) and it has 47,998 shareholders. The largest stakes (over 5%) are held by the Surgutneftegaz Oil Company and the Surgutneftegaz private pension fund. In 2002 the company extracted 49.2 million tonnes of oil, which was an increase of 11.8% over 2001.

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