Gazprom Neft Reaches Goal for 2006 Oil Production

On December 24th Gazprom Neft JSC fulfilled the plan of the oil production for the year 2006 when cumulative oil recovery reached the coefficient of 32,014 million tons. At the year-end Gazprom Neft is going to produce 32,725 million tons (discounting the share in NGK Slavneft JSC), a 2,22 percent increase of the business-plan.

This result was reached by the raising of production capacity of the basic oil fields due to the implementation of new technologies and by the development of 5 new oil fields.

From the beginning of 2007 Gazprom Neft will yearly increase the production capacity approaching the strategic coefficient of 80 million tons of oil per year.

The main resources for realization of the long-term strategy will be the oil fields of Gazprom JSC that will be evolved by Gazprom Neft already in the year 2007 and also the new oil fields of the company.

"The year of 2006 was complicated for the company because of the structural changes, management reshuffling, energy failures in Noyabrsk region and resource depletion of some oil fields," said Gazprom Neft acting President Alexander Dukov. "But in spite of all difficulties the company was able to stabilize the oil production and current results make us sure that for coming years Gazprom Neft will raise its oil production."