Sibir Rides High with Production Record of 70,000 BOPD

Sibir announced that on July 28, 2008 equity production from its upstream exceeded 70,000 bopd. A 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), achieved production of over 128,000 bopd.

The new SPD production record brings Sibir's 50% share at Salym to over 64,000 bopd which, combined with production from its subsidiary Magma, brings Sibir's total daily production to over 70,000 bopd.

Commenting on the announcement, Sibir CEO, Henry Cameron, said, "The current levels of oil production enable Sibir to continue reducing its borrowings at a rapid rate."