Sibir Sees Record Production at its Salym Fields

Sibir's crude oil production rate at its Salym fields has exceeded 100,000 b/d, a new record. The Salym fields are located in western Siberia and are operated by Salym Petroleum Development NV (SPD), Sibir's 50:50 joint venture with Shell.

The new SPD production record brings Sibir's 50% share of production at Salym to over 50,000 b/d. Combined with production from Sibir subsidiary, Magma, at the Yuzhnoye fields in western Siberia, Sibir's total daily production now exceeds 57,000 b/d.

"Today's announced 100,000 b/d production rate at Salym, a month ahead of schedule, represents a 57% increase in the daily production rate since the beginning of 2007 and a major milestone for the project since initiating commercial production less than three years ago," said Sibir CEO Henry Cameron. "A large part of our growing production from the Salym fields is slated for delivery to the Moscow Refinery where the company realizes additional value from oil products trading and retail sales through its petrol station networks in Moscow and the Moscow Region."