Sibir-Shell JV Reaches Production Milestone

Sibir's 50:50 joint venture with Shell in the Salym group of fields in western Siberia, Salym Petroleum Development NV (SPD), reported that the total crude oil production rate at the fields has passed 60,000 barrels per day (bpd).

The new SPD production record brings Sibir's 50% share of production at Salym to over 30,000 bpd. Combined with production from Sibir subsidiary, Magma at the Yuzhnoye fields in western Siberia, Sibir's total daily production now exceeds 37,500 bpd.

Commenting on the announcement, Sibir CEO, Henry Cameron said, "Having already announced record production just one week ago, we are pleased to see SPD hit the 60,000 bbl milestone one month ahead of schedule. With 162 wells drilled and only 101 of those on stream it can be seen that production is gathering momentum."