Sibir Energy Spuds Development Well in Vadelyp

Sibir's 50:50 joint venture with Shell, Salym Petroleum Development NV (SPD), announced that on Monday of last week it spudded the first development well in Vadelyp, one of the Salym Group of fields in Western Siberia.

In 2006 SPD plans to drill 14 wells, complete eight wells, and bring the field into production by the end of Q4. In all SPD will build nine well pads at the field and drill more than 100 producer and injector wells. Peak oil production from the field is expected to reach 24,000 barrels per day.

"With all three Salym fields in production by the end of the year SPD will be on track to meet its year-end 2006 production rate target of 60,000 barrels per day," said Stuard Detmer, Sibir director.

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