Sibir Sets Production Record

Sibir Energy plc said Thursday that equity production from its upstream units now exceeds 45,000 barrels per day (bopd). The new production record was reached as Sibir's 50:50 joint venture with Shell in the Salym group of fields in Western Siberia, Salym Petroleum Development NV (SPD), announced production of over 75,000 bopd.

The new SPD production record brings Sibir's 50% share at Salym to over 37,500 bopd which, combined with production from its subsidiary Magma, brings Sibir's total daily production to over 45,000 bopd.

Commenting on the announcement, Sibir CEO, Henry Cameron said, "Reaching the 45,000 bopd production record is an important milestone for Sibir and is the result of strong production growth from SPD. As the Salym project enters its second full year of commercial production, strong reservoir performance and improvement in cycle times for drilling, completion and hookup of wells continue to drive production gains."