Sibneft Establishes New Production Subsidiary

Sibneft has initiated the formation of a new subsidiary to manage oil and gas projects in Russia's Omsk and Tomsk regions in a move designed to optimize the company's production management structure.

The new subsidiary will absorb the divisions of Sibneft-Noyabrskneftegas that currently oversee operations at the Krapivinskoye field in Omsk region, as well as the Archinskoye, Urmanskoye and Shinginskoye fields in Tomsk region. Sibneft employees in these divisions will be employed by the new subsidiary.

In February 2005, Sibneft similarly established Sibneft-Khantos to develop oilfields in the Khanty-Mansiisk Autonomous District. Since the beginning of the year, Sibneft has won open regional auctions for petroleum exploration and development licenses for the Salym-2, Salym-3 and Salym-5 blocks in Khanty-Mansiisk as well as the nearby Zimniy block in Tyumen region.

Sibneft-Noyabrskneftegas, the company's core production unit, created an excellent foundation for the expansion of Sibneft's oil production geography outside of its base in the Yamal-Nenets Autonomous District. The positive experience gained during and after the creation of Sibneft-Khantos encouraged the formation of a third production subsidiary. These new Sibneft operators will continue to receive human resources and organizational support from Noyabrskneftegas.

"The changes in Sibneft's corporate structure are a direct reflection of the diversification of the company's operating geography. They will allow us to quickly incorporate newly-acquired licenses into our field development system, and serve as a basis for continued growth," said Sibneft president Eugene Shvidler. "The new management center will also provide an opportunity for our colleagues from Noyabrsk to apply their years of experience on promising new projects in new locations."


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