Russian oil and gas exploration group Surgutneftegas has reported that, over the last 10 years, the company has doubled its oil production volumes and the number of its oil-producing fields. The company has also significantly expanded its operations and replenished 100% of produced oil.
Surgutneftegas also reported that, in 2006, the company increased its oil production rate by 2.7% over 2005, to 65.6 million tons. In addition, the company increased its oil refining by 9.2% to 20.2 million tons and its gas processing by 36% to 5.3 billion cubic meters. The company’s power generation was also up by 30% to 1.9 billion kWh.
In 2006, Surgutneftegas also upgraded 25% of its gas stations and acquired 16 new license areas. In addition, the commodity turnover of the company’s sales and marketing divisions grew by 35% to over one million tons.
Vladimir Bogdanov, Surgutneftegas’ director general, commented that the group’s outlook for 2007 is positive. He said: We will continue to implement projects designed to develop the company’s core activities. The hydrocarbon production rate is expected to approach 80 million tons. The commissioning of three new fields will boost the company’s producing capacity.
The company plans to invest almost RUB93 billion in 2007 in boosting gas processing and power generation capacity, as well as to proceed with construction of its deep petroleum hydrocracking complex, which will be the largest in Europe.