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Sibneft Sets New Record For Well Output

Moscow, 24 November 2000; Sibneft has set a new record for output from a well following a hydrofracturing operation, marking the latest success in the company’s aggressive investment programme aimed at boosting well productivity.

Production from the well at the Yarainerskoye field soared to 2,100 barrels per day (293 tonnes per day) from 113 barrels per day (15.7 tonnes per day) prior to the hydrofracturing operation, a new record for the company. Production from the well has since been stabilized at an optimal level of 550 barrels per day (77 tonnes per day).

Sibneft has managed to increase average well flow rates following hydrofracturing every year since 1995. The hydraulic fracturing operation was carried out by Sibneft’s strategic alliance partner, oilfield service company Schlumberger. Sibneft has carried out more than 200 hydrofracturing operations so far this year, a rise on the 180 operations carried out in 1999.

Sibneft next year plans to make greater use of enhanced recovery methods, on the back of a tripling in upstream capital expenditure to $595 million. Hydrofracturing and selective water injection led to incremental production in 1999 of more than 20,000 barrels per day (one million tonnes). Other techniques, such as non-traditional flooding, cyclic flooding and filtration flow directional changes are also widely used at Sibneft.

Sibneft has one of the highest levels of well productivity in the Russian oil industry, with each well last year producing an average of 83 barrels per day (11.5 tonnes per day) against an industry average of 55 barrels per day (7.6 tonnes per day).