Surgutneftegas Company News

Russia's Surgut will launch its Shpilman oil field in Siberia on Thursday, the Russian government said on its website.

Asian companies will replace Western majors if they quit energy projects in Russia due to sanctions over Moscow's role in Ukraine, Natural Resources Minister Sergei Donskoi said.

A Russian oil consortium will only have to pay $600 million, not the $1 billion Venezuela previously said, as a down payment for its participation in exploiting Venezuela's Orinoco oil fields.

Venezuelan President Hugo Chavez and Russian President Dmitry Medvedev further strengthened energy ties by signing a package of development deals for the Orinoco region.

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

Nikolay P. Zakharchenko, Chairman of the Board of Directors, announced his voluntary resignation due to his poor health on December 07, 2007.

OAO Surgutneftegas and OAO TMK have entered into a long-term strategic partnership agreement.

Russia is scrambling to unlock the vast oil wealth of East Siberia to keep crude output in the world's largest oil producer from falling. But to succeed, Russian companies will need deep pockets.

By now 36 wells of Yukyaunskoe oil field produce over 500 tons of oil a day, cumulative oil production amounts to 61 thousand tons. The Company is to drill another 23 production wells by the end of 2004.

Surgutneftgas is planning to put into operation four more gas turbine power plants. Performance tests at power plants at Russkinskoe and Bittemskoe fields are almost over; construction and assembling works at one of the two plants in Lyantor are about to be completed, and the second plant there is going through the commissioning and start-up phase.

In respect of The Financial Times' publication "Harvard group to pursue Russian pay-out" the Press Service of OJSC "Surgutneftegas" would like to make the following statement.

Harvard University will commence an international class action arbitration against publicly held Russian oil and gas company JSC Surgutneftegaz for intentionally denying holders of its preferred shares as much as 80% of the cash distributions to which they are entitled.

Surgutneftegaz was awarded a license for the huge east Siberian Talakan oilfield, after the 900-million-barrel field was stripped from Russian major Yukos.

Surgutneftegas reports that oil production for the first quarter of 2003 reached 12.871 million tons, an 11% increase compared to the first quarter of 2002.