Sibneft Hosts Schlumberger Board of Directors

Noyabrsk, April 18, 2003. The board of directors of Schlumberger, an international oilfield services firm, arrived today in the city of Noyabrsk, the hub of Sibneft’s oil production operations in Western Siberia. The visiting delegation, led by Schlumberger Oilfield Services executive vice president Chakib Sbiti, met with top Sibneft executives and toured the nearby Sporyshevskoye oilfield.

Sibneft and Schlumberger began working together in August 1998 and, in October 1999, formed a strategic alliance covering a broad range of oilfield management and development services. The two companies expanded their alliance in 2001 with a landmark outsourcing deal in which Schlumberger took over management of a portion of Sibneft’s well-workover division.

“Sibneft has been a pioneer in terms of establishing a market for international oilfield services in Western Siberia,” said Sibneft president Eugene Shvidler. “Schlumberger was our first partner in that effort, and continues to play a vital role in the rapid development of our upstream operations. We are proud to welcome the board of directors to Noyabrsk today.”

Patrick Schorn, vice president and general manager of Schlumberger Oilfield Services in Russia, adds, “We are pleased to have a strong working relationship with Sibneft and are committed to developing new technology for Russia’s rocketing oil and gas markets. Our organizations have joint teams working closely together to facilitate advances in oilfield technologies and to develop best practices for the Russian market.”

Reference

OJSC Siberian Oil Company (Sibneft) is Russia’s fifth largest oil producer with output of 26.3 million tons (520,000 bpd) in 2002 and projected 2003 production of 33.0 million tons (650,000 bpd, excluding recent acquisitions). Sibneft is also one of the largest vertically-integrated oil companies in Russia, with refining in Omsk, Moscow and Yaroslavl and a network of 1200 retail filling stations. For more information, visit http://www.sibneft.com.

Schlumberger Oilfield Services, the largest oilfield services company in the world, is the leading supplier of technology services and solutions to the international petroleum industry. With operations in more than 100 countries, Schlumberger Oilfield Services is one of two business segments of Schlumberger Limited, a global technology services company spanning the oil and gas, telecommunication, utilities, finance and public sector markets. In 2002, Schlumberger revenue was $13.5 billion. For more information visit http://www.slb.com.