Gazprom Neft Press Office:
Moscow, 30 May 2000; Sibneft’s ambitious programme for developing new upstream acreage has taken another crucial step forward, with the announcement of plans to establish a new field development research centre. The move coincides with the signing of an agreement to acquire the Inpetro research company, the country’s leading institute working in the field of development planning, which will form the core of the new centre.
Sibneft initially plans to invest around $2 million this year in setting up the new centre, which will conduct sophisticated geological modeling and construct development plans for Sibneft’s various fields. The centre will be equipped with geological modeling software supplied by international oilfield service company Schlumberger and Halliburton affiliate Landmark.
Inpetro has already built up a solid body of expertise in the area of field development planning. The firm has worked on numerous upstream projects, including the Sakhalin-2 venture uniting Marathon, Shell, Mitsui and Mitsubishi, the Total-led Kharyaga development, Conoco and Lukoil’s Northern Territories project and Shell’s Salym venture.
Sibneft has launched an aggressive programme to bring new fields on stream, and recently achieved first commercial production from the Romanovskoye and Yarainerskoye fields. The new centre will play a key role in spearheading the development of plans to tap the giant Sugmut field, which harbors proven reserves of close to a billion barrels.
The use of sophisticated modeling techniques will allow Sibneft to select the most effective development blueprints for its fields. “The acquisition of Inpetro and the creation of this new centre offer further evidence of Sibneft’s commitment to invest in the latest technology in order to achieve superior returns from our growing portfolio of upstream investments,” Sibneft president Eugene Shvidler commented.Tags: shareholders, strategy