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Sibneft Boosts Proven Reserves

Moscow, 21 May 2001; Sibneft's proven oil reserves grew to around 4.64 billion barrels last year, according to an audit by international oil and gas consultants Miller and Lents. The increase came on the back of a rapid acceleration in drilling and greater reliance on enhanced recovery methods.

Drilling doubled to 740,000 metres in 2000 from 340,000 metres in 1999, and is set to rise further to 1.025 million metres this year. The number of new wells drilled more than doubled to 249 last year, and the tally is set to increase to 361 wells this year. Sibneft will almost triple upstream capital expenditure this year to $595 million, up from $219 million in 2000.

The company's proven gas reserves totaled 43 billion cubic metres (1.519 trillion cubic feet) as of 1 January 2001. The figures do not include reserves attributable to Sibneft through its Sibneft-Yugra joint venture with Sibir Energy or its acquisition of a stake in Onaco.

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

Category1 January 20011 January 2000
Proven4,644 4,599
Probable2,086 2,784

Equivalent figures in million metric tonnes follow:

Category1 January 20011 January 2000