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2006 October 11   11:42

Rosneft reports 8.4% rise in oil production

Rosneft raised oil production by 8.4 percent to 59.4m tonnes in January-September 2006, the company's press office reports, according to RBC. The results of Rosneft's production and commercial operations were approved by the company's Board of Directors. The average daily oil production grew by 8.42 percent to 217,700 tonnes compared to the planned 216,800 tonnes. Gas production increased by 7.2 percent to 10.1bn cubic meters in the reporting period.

The company attributes the growth in production to the increase in the average well capacity from 13.9 tonnes per day to 15 tonnes per day, including the rise in the capacity of new wells from 76.6 tonnes per day to 105.4 tonnes per day. The company performed around 3,700 geological and engineering operations, which resulted in the production of an extra 6.1m tonnes of oil. This is 39 percent higher than in the same period of 2005.

Authorized capital of Rosneft after consolidation of 12 subsidiary companies amounts to 105 million 981 thou 778 rubles 10 kopeks (10 billion 598 million 177 thou 810 ordinary shares with a nominal value of 0.01 rubles). Rosneftegaz OJSC owns 75.16% in the company’s authorized capital, the rest of shares belong to different strategic, institutional and individual investors. Rosneft announced consolidation of its 12 subsidiary companies on October 2, 2006. Rosneft’s 1H06 net profit according to US GAAP decreased against year-on-year result by 21.2% to $1.879 billion.

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