The Sakha Republic (Yakutia) and Surgutneftegas have sighed an agreement on cooperation in the economic and social spheres. Signing the agreement, Vyacheslav Shtyrov, the President of the Sakha Republic, stressed that all issues regarding the development of the Talakan (Yakutia) oil and gas field had been settled. The production will reach 4m tons of oil in seven years. At the same time, Surgutneftegas will take part in social and economic development of the Lensky region of Yakutia. The government of the republic will assist the company in all issues.
Speaking about the development of Yakutia's oil industry in general, Shtyrov declared that with the current oil and gas resources it was possible to start implementing large projects on exploring oil and gas fields and to supply to customers some 145.6bn cubic meters of gas and some 30m tons of oil per year.