Gazprom Neft Ups Oil Production in First Quarter

JSC Gazprom Neft reported that its oil production was 10,895,000 tons in January-April 2007, translating into a 2.9% increase from the same period in 2006 (10,586,000 tons).

During the first four months of 2007, 170 wells were brought onstream. The new wells produced an additional 646,600 tons of oil--63,2% more from new wells than in the same period in 2006. Also, operations were suspended at 176 production wells in January-April 2007—a figure 50.4% higher than the 117 production wells the previous year.

After hydraulic fracturing, 65 wells were brought onstream. For the first four months of 2007, the total oil production from these wells was 101,200 tons.

In January-April 2007, JSC Gazprom Neft performed interventions on 372 wells. After these interventions, an additional 818,000 tons of oil were produced—133.5% of what the company's business plan anticipated.

Moreover, within the period JSC Gazprom Neft carried out 1,732 linear meters of 2D seismic exploration operations and 997 square kilometers of 3D seismic exploration operations. Some 15,849 meters of prospecting and exploratory drilling operations were carried out. Five wells were constructed, and three new accumulations were found—in the Karasevo-Tanlovsk and Middle Itunsk license areas.