"RussNeft" can spend 1.5 - 2 billion rubles on geologic exploration in 2009

Ya. Itskov noted that this year the Company is expecting a  decrease of equity production.  "We are going to lose in production, but not more than other oil companies", he added.
According to Ya. Itskov  "the main task of the Company's management  amid the global financial crisis this year will be maintaining of oil production output and cost saving. "
" This year we are going to achieve cost saving at the account of scrupulous work with the spending part of the Company's budget, with subcontractors, on selecting the points of drilling, on implementation of the program of geologic and engineering works", said the head of "RussNeft".
Besides, the company is planning, before the end of the year, to have completed the work on restructuring of its assets, started in 2008 and based on consolidation of its subsidiatries into business-units (blocks)  on regional basis.
It was reported earlier that in 2008 production output of the Oil & Gas Company grew by 0.6% - up to 14,2 million tons. In 2008 "RussNeft" implemented drilling programs in Western Siberia and Udmurtia, started exploitation of new oilfields - Verkhne-Shapshinskoye and Yuzhno-Roslavlskoye in Western Siberia. Joint production output at the new well stock exceeded 1.1 million tons, the average oil flow rate for a new well equalled 59.9 tons/day. Investments into exploration and exploitation drilling in 2008 exceeded $ 257 million.
In 2008 the Company  extended its raw materials base by more than 20 million tons, which is 5% more than extention of resources achieved in 2007.
In Saratov Region "RussNeft" started Lusianinskoye oilfield, new deposits were revealed at the territory Tagrinskoye (Khanty-Mansi Autonomous District), Roslavlskoye (Khanty-Mansi Autonomous District), Belokamennoye (Saratov Region) and Gurarinskoye (Tomsk Region) oilfields.