Russia Increases Exploration Drilling by 20.6%

Russian oil companies increased exploration drilling by 20.6% in 2007, according to the Fuel and Energy Dispatch Center.

Over 870,900 exploration wells were drilled in 2007. Russian companies also completed 13.8 million meters of production wells, an increase of 18.8 % more over 2006.

Surgutneftegas drilled 168,100 meters of exploration wells last year (up 2.4%) and 3.1914 million meters of production well (up 4.0%).

Other increases include Lukoil, which drilled 125,100 meters of exploration wells (up 7.8%) and 2.6379 million meters of production wells (up 26.6%); Rosneft--84,200 meters (up 37.6%) and 2.5136 million meters (up 79.8%) respectively; TNK--BP Holding--102,200 meters (up 150%) and 1.1061 million meters (up 20.4%); and Gazprom Neft--53,400 meters (up 70.6%) and 1.6937 million meters (up 18.5%).

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