Salym Petroleum Development Sets Production Record

Sibir's 50:50 joint venture with Shell in the Salym group of fields in western Siberia, Salym Petroleum Development NV (SPD), reports that the total crude oil production rate at the fields now exceeds 50,000 barrels per day (bpd).

The new SPD production record brings Sibir's 50% share of production at Salym to over 25,000 bpd. Combined with production from Sibir subsidiary, Magma at the Yuzhnoye fields in western Siberia, Sibir's total daily production now exceeds 32,000 bpd.

Commenting on the SPD announcement Sibir CEO, Henry Cameron, said, "Having reached the critical 50,000 bopd production milestone in the short period since we launched commercial production in December, 2005, SPD's year-end target of 60,000 bopd is now squarely in our sights. In addition to the excellent progress to date in drilling, completions and hookup in Upper and West Salym, the streaming of the Vadelyp field in Q4 should add significantly to our production in 2006."