Things heating up in Siberia for Ruspetro

West Siberia-focused oil and gas group RusPetro is on track to meet its end-year target of achieving 10,400 barrels of oil per day (bopd) after ramping up production in the last couple of months.

Since the end of August, crude production has been running at 5,493 bopd while higher value condensate production has been running at 2,360 bopd, even though 1,500 barrel per day of condensate production has been lost while the group upgrades production facilities. The facilities are expected back on line before the end of the year.

Don Wolcott, Chief Executive Officer, said, "I am pleased to announce we have now entered a phase in which production is picking up strongly as more wells come on-stream. We have demonstrated our ability to increase the pace of well completions, with more wells planned before year-end which will include a significant contribution from the higher-value condensate production in the north east area of the field."

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

JH