West Siberian Resources Reveals Production Plan and Capital Program for 2008

Independent oil firm West Siberian Resources has announced the production plan and capital program for 2008. Total oil production is projected to increase to 15 million barrels, from this years’ production plan of 11 million barrels while total capital expenditure is planned at $190 million, which is unchanged from 2007.

The firm said that the successful development of the North and Lek Kharyaga oil fields will continue to lead production growth in the Timano Pechora area which is west Siberian’s largest production region.

In total, the Timano Pechora region is expected to produce 5.3 million barrels of oil in 2008. The capital program for the region amounts to $102.4 million.

In the Volga Urals region, production for 2008 is planned at 4.7 million barrels. The capital budget amounts to $37.6 million which will be spent on infrastructure development and drilling of eight wells in several fields.

In the Tomsk region, oil production is expected to reach five million barrels. The capital budget amounts to $50.1 million which will be spent primarily on developing the Kluchevskoye and Khvoinoye oil fields. The Kluchevskoye oil field is planned to account for more than half of the oil production in the region.