Sibir announces that equity production from its upstream units now exceeds 65,000 barrels per day (bopd). A new production record was reached as Sibir's 50:50 joint venture with Shell in the Salym group of fields in Western Siberia, Salym Petroleum Development NV (SPD), where production of over 116,000 bopd was achieved.
The new SPD production record brings Sibir's 50% share at Salym to over 58,000 bopd which, combined with production from its subsidiary Magma, brings Sibir's total daily production to over 65,000 bopd.
Commenting on the announcement, Sibir CEO, Henry Cameron said, "It is excellent that our production has reached another record so early in the year. The current levels of oil production at SPD are such that SPD has been able to make very substantial loan repayments to the Sibir Group in the last quarter of 2007 which in turn has made a material reduction in the level of the Group's borrowings. Subject to the oil price remaining at its present levels this trend is set to continue throughout 2008."
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