Beliye Nochi, OOO plans to allocate 668 mln rubles to geological exploration in 2007
Beliye Nochi, OOO, Oil and Gas Company RussNeft’s subsidiary plans to allocate 668 mln rubles to geological exploration at Company’s fields in 2007. This amount exceeds similar rates for the last two years – 2005-2006 - ten-fold, RussNeft press service said. The major part of the funds will be invested into drilling of six exploration wells and also seismic operations.
Within Beliye Nochi’s 5-year program of expansion in 2007 it is planned to allocate over 70% of all Company’s investment to geological exploration involving seismic operations and exploratory and delineation well drilling. At that, this year alone company’s add new reserves will amount up to 17 mln 894 thousand tons of oil. Total reserves growth for Beliye Nochi’s 3 years of operation within RussNeft structure -2004-2006 – is 25 mln 125 thousand tons of crude oil.
Oil and Gas Company RussNeft, OAO is a vertically-integrated oil holding. RussNeft comprises 30 producing entities, 3 oil refineries, a transporting entity, and an up-to-date network of retail stations with its 311 fuel complexes. Company’s entities are situated is 23 Russia’s regions and CIS. RussNeft net effective pay exceeds 630 mln tons. Annual production has reached the point of 17 mln tons.