Gazprom Neft Oil Production in Jan-Feb 2007 Increased by 5.3%

JSC Gazprom Neft oil production grew by 5.3 percent in January-February 2007 compared with production volume during the same period last year. The Company’s two-month production volume totaled 5,339,040 tons of crude oil.

During January-February 2007 Gazprom Neft brought into production 72 newly drilled oil wells. New wells generated supplementary 155,313 tons of crude oil that is almost twice as much compared with corresponding numbers for January-February 2006.

After hydraulic fracturing treatment 28 wells were brought into production. During the two months the absolute oil recovery from hydraulic fracturing treated wells totaled 31,399 tons.

During the first two months of 2007 well interventions (geological and technical actions – GTA) were carried out on 174 wells (in 2006 – on 86 wells). The GTA-induced oil production volume totaled 188,860 tons (in 2006 – 106,990 tons).