During the first 9 months of 2010, Gazprom Neft grows consolidated crude production by 4.66% to 270,93 mln bbl

During the first nine months of 2010, The Gazprom Neft Group of Companies achieved consolidated crude oil production of 270,93 mln bbl, up 4.66% as compared with the same period last year. The above figure exceeds the approved Gazprom Neft business plan by 2.11%.

The Company's subsidiary, Gazpromneft-Khantos occupies the leading position in terms of production growth rates, having successfully increased its crude production in the reported period by 7.67 mln bbl, up 16.95% as compared to the same period last year. Their business-plan targets were also beaten by 4.6%.

Gazprom Neft's overseas asset, Naftna Industrije Srbje (NIS) also boosted production dramatically. For the period of the first nine months of 2010, its crude production grew by 1,04 mln bbl to 5,1 mln bbl, up 25.5% as compared to the same period in 2009. Actual production exceeded the business-plan figures by 8.37%.

STS-Service, which was acquired by Gazprom Neft in early 2010, achieved considerable production growth as well, having increased the business plan by 24.1% while Sibir Energy exceeded its business plan by 6.1%.

Gazprom, Neft's subsidiaries were successful in exceeding targeted production figures due to the early commissioning of new wells as well as intensification of production.