In 2007 Gazprom Neft Stabilized Oil Production

In 2007, JSC Gazprom Neft managed to stabilize oil production. According to the results of the last year the company extracted 32.7 mln tons of oil which is equal to the figures for 2006.

JSC Sibneft-Noyabrskneftegaz accounted for the main oil production volumes of Gazprom Neft (24.7 mln tons). GazpromNeft-Khantos is the leader in terms of production increase in 2007.

It achieved the growth in oil production volumes by 48% reaching 6.6 mln tons. In 2007, oil extraction by GazpromNeft-Vostok LLC made 1.4 mln tons.

In addition, in the end of 2007 Gazprom Neft closed transaction to purchase 50% of shares of JSC Tomskneft with the annual oil production of more than 11 mln tons.

Due to geological and engineering operations, in 2007 Gazprom Neft extracted 5.3 mln tons of oil. During the year 521 wells were put into production which makes an increase of 97 wells as compared with 2006. Additional production due to these wells made 4.3 mln tons of oil that is 109.3 % vs 2006. Average flow rate for the new wells is above 54 TPD.

Besides, 200 operations on hydrofracturing were performed in 2007 that is 36 wells more than in 2006. Extra production made 594 thousand tons.

In 2007 JSC Gazprom Neft carried out 2D seismic operations of 1,867 linear kilometers and 3D seismic operations of 992 square kilometers. More than 59 thousand of geologic materials were drilled. Construction of 10 wells was completed.

As of December 31, 2007 the producing-well stock included 5,008 wells exceeding the figures for the end of 2006 by 376.