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August 21, 2003

Surgutneftegas poised to launch gas turbinepower plants and put into commission new oil fields

Company’s experts have held a meeting to discuss a commissioning program for new fields and the progress in implementing the Gas Turbine Power Plant Project .

At the meeting the experts stated that the construction of five gas turbine power plants at the remote oil fields – Lukyavinskoye, Russkinskoye, Bittemskoye and Lyantorskoye - is coming along according to the schedule. With the project having been implemented, the annual electricity production will hit the level of 1.2 bln kWh (total power of electric stations – 156 MW).   

There are three new oil fields - Zapadno-Chigorinskoye, Ulyanovskoye and Tretiyakovskoye - having been put into commission since January. Construction of oil field surface facilities is in conformity with the project; field facilities are put into service according to schedule.

Anatoly Nuryaev, First Deputy Director General , said, “We should spare no efforts to put gas turbine power plants into service ahead of schedule; this will let us cut operating costs incurred in putting new fields into commission. In the beginning of next year the Company is developing two oil fields, Seliyarovskoye and Larkinskoye, which are within easy reach of the fields where gas turbine power plants are being constructed. This short distance between the oil fields will bring significant savings, since there is no need in new transmission lines and additional purchases of electric power.   

According to Anatoly Nuryaev, next year horizontal drilling is to be increased more than three times, partly to maximize development of reserves at new fields. That is why the Company has reviewed the amount of horizontal drilling equipment and materials to be purchased.

“As to the programs logistics, we are even ahead of the schedule”, said Anatoly Nuryaev. “In 2Q2003 we spent as much as USD 302.8 mn for equipment, machinery, and spare parts. These include gas turbine units, machinery and equipment used to introduce advanced technologies, materials and equipment to construct environmental facilities. Every year, these costs are increasing due to substantial new reserves under development, commissioning of remote fields, specific character of natural resources management in the areas where we work, introduction of advanced technologies including those which help us implement ecological programs, increased sidetracking, and multilateral well construction. To perform the above-mentioned activities as well as well work-overs this year we have purchased 130-ton load-lifters.     

“The efficiency of these costs depends heavily on the efficient implementation of our cost reduction program and compliance with the engineering performance standards”, said Anatoly S. Nuryaev.

As for the projects implemented in the first half of 2003, we have achieved the ROCE of 25-30% provided for in the investment programs. The Company’s operating costs of production in 2Q2003 were reduced by 6.9% as compared with 1Q2003.   

In conclusion, Anatoly S. Nuryaev noted that provided that the cost reduction program is executed and the present project implementation rates are maintained, the Company will be able to fulfill its 2003 program on schedule and in full measure.

Press Service of OJSC “Surgutneftegas”




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