In 2008 Surgutneftegaz plans to maintain output at the 2007 level

In 2008 Surgutneftegaz plans to maintain output at the 2007 level, i.e. 64-65 mn tons. However, this figure could drop 2 mn tons, said the company's Deputy CEO Vyacheslav Nikiforov. "This year our output will remain flat y-o-y in the range of 64-66 mn tons. Even if we see a reduction, it would be by about 2 mn tons", Nikiforov said. He attributed a potential decline to delays in the timing of commissioning of the first stage of the East Siberia-Pacific Ocean (ESPO) pipeline by Transneft. He went on to say that in 2009 the company is prepared to supply 1.2 mn tons of crude to ESPO. Nikiforov explained that oil production will begin to rise after ESPO construction is completed. Oil pipeline monopoly Transneft has rescheduled the timing to launch the first section of the 30 mn ton pipeline from year-end 2008 to year-end 2009 due to the need to reroute the pipeline further from Baikal on which Russian President Vladimir Putin had insisted.