Sibir Production Rate Exceeds 110,000 bbl/d in Western Siberia

Sibir's crude oil production rate at its Salym fields has exceeded 110,000 barrels per day (bbl/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 55,000 bbl/d. Combined with production from Sibir subsidiary, Magma, at the Yuzhnoye fields in Western Siberia, Sibir's total daily production now exceeds 62,000 bbl/d, also a record for Sibir.

"Today's announced 110,000 bbl/d production rate at Salym represents a 72% increase in the daily production rate since the beginning of 2007," said Sibir CEO Henry Cameron. "Production at Salym for the year to date is over 28 million barrels (over 3.9 million tonnes). With 20 days production remaining this year we are set fair to achieve over 30 million barrels (over 4.1 million tonnes) at Salym. A large part of our growing production from the Salym fields is slated for delivery to the Moscow Refinery where the company realises additional value from oil products trading and retail sales through its petrol station networks in Moscow and the Moscow region."