Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (7248)	3/14/2008 9:35:49 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24226

UPDATE 1-Russia's Surgut sees 7 pct drop in '08 oil output Fri Mar 14, 2008 6:33am EDT MOSCOW, March 14 (Reuters) - Russian oil firm SurgutNefteGas (SNGS.MM: Quote, Profile, Research) expects a further 7 percent decrease in oil output this year but it still expects new projects to come on stream, an agency quoted a firm's executive as saying on Friday. Surgut, Russia's fourth-largest oil firm, is expected to produce 60 million tonnes (1.2 million barrels per day) this year, down from 64.5 million tonnes in 2007, Interfax quoted Ivan Kos, the firm's deputy chief geologist, as saying in the East Siberian town of Irkutsk. The company, based in the town of Surgut in West Siberia, declined to comment. Surgut had been increasing its production faster than any other Russian oil firm in the past decade, but growth has slowed in the past few years. Last year, its output fell by 1.6 percent. Kos also said the company planned to boost investment in oil exploration by a third to about 12 billion roubles ($503.4 million) this year to support oil output in future. Interfax said that Surgut increased oil reserves by 78 million tonnes last year, mainly in northern Yakutia and West Siberian Khanty-Mansiisk regions. It means Surgut's reserves replacement ratio stood at 121 percent. The company said last year it had a potential to raise its output to 2 million barrels per day due to its massive reserves. It has said it hoped to book around 1 billion tonnes (7.33 billion barrels) in new reserves in East Siberia, which is set to become Russia's next large oil province, when a new pipeline to China is built by the end of this decade. Surgut is developing the Talakan oil and gas field, one of the biggest in the region, and has said it would be able to produce 2 million tonnes (40,200 barrels per day) at the deposit from 2009 and triple output by 2015. (Reporting by Tanya Mosolova; editing by James Jukwey) reuters.com;