Oil production up 27 percent
The Naryanmarneftegaz company, a joint venture of Lukoil and ConocoPhillips the first six months of the year increased oil production with 27 percent year-on-year from 2007. A total of 389,400 tons of oil was extracted from the company’s field in the Timan-Pechora province.
The increased production comes after the company opened new wells in the “Perevoznoe” field, a press release from the company informs. In addition, the company this year started production in the Yuzho-Khilchuyuskoe field, a field which shortly will boost regional oil production with 50 percent.
The joint venture has also been instrumental in the development of the port of Varandey on the coast of the Pechora Sea. This terminal will when fully in operation handle an annual 12 million tons of oil.
Read also:
Yuzhnoe-Khykchuyu field opens new era in Nenets oil industry 20 May 2008
