Sibneft To Develop Oil Bearing Areas in the Fields Licensed to CJSC Urengoigazprom

The plans for development of oil bearing areas in the fields of CJSC Urengoigazprom by Sibneft are being elaborated, - it was disclosed at the joint press-conference of president of JSC Sibneft Alexandr Ryazanov and general director of JSC Sibneft-Noyabrskneftegaz Sergei Rusakov held on April 28.

Likewise, the issue pertaining to joint implementation of gas production projects was addressed to at the press-conference. According to Sergei Rusakov gas reserves in the Sibneft-Noyabrskneftegaz fields are estimated at 50-70 billion cu. m. Alexandr Ryazanov believes that CJSC Noyabrskgazdobycha and JSC SIBUR Holding may be engaged for their development.

He stressed that sizable investments will be needed for implementation of such projects, primarily for construction of a new pipeline system.