Sibneft Reports Significant Increase In Reserves

Moscow, 21 June 2000; Sibneft’s proven oil reserves grew by 11% last year to around 4.6 billion barrels, according to an audit by international oil and gas consultants Miller and Lents. Probable and possible reserves also increased significantly. Sibneft’s reserve life rose to 39 years from 38 years previously.

Net additions to Sibneft’s reserves have outstripped production every year since the company was formed. Sibneft this year plans to more than double drilling levels to 750,000 metres, and it is targeting an annual average of 800,000 metres in the longer term.

A summary of the results of the audit follows in million barrels:

Category 1 January 1999 1 January 2000
Proven 4,129 4,599
Probable 1,594 2,784
Possible 1,013 1,934
Total 6,736 9,317