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TNK PRODUCES OVER 31.2 MLN TONNES OF OIL IN JANUARY-OCTOBER
02 Dec 2002
In the first ten months of 2002, Tyumen Oil Company produced 31.273 million tonnes of oil, or 1.177 million tonnes more that the target agreed upon with the Energy Ministry, the company's press release said. In January-October this year, oil exports totaled 15 million tonnes, of which 70% was shipped by sea. TNK plans to extract 18.6 million tonnes of oil at the Samotlorsky field in 2001, a 4% increase from last year. The field's further drilling and the application of new technologies will increase production by almost 14% in 2003. TNK plans to produce a total of 41.3 million tonnes in 2003. The press release said that the company's oil production cost is averaging at $2.4 per barrel ($17.6 per tonne) in 2002, compared to $3/bbl in the rest of the industry. In a bid to improve its efficiency and raise transparency, the company is continuing to sell non-core asses worth a total of 1.3 billion rubles. Over 4,000 facilities will be sold.
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CTF Holdings Ltd.
Alfa Group Consortium is one of Russia’s largest privately owned financial-industrial conglomerates, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, media, technology, as well as other industrial-trade and special-situation investments.
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