Source Pravda.Ru

Gazprom limits investments in production facilities

A limit on Gazprom's investments in production facilities for 2003 was set at RUR55.05bn ($1.8bn), Gazprom Executive Board First Deputy Chairman Alexander Ananenkov reported at a news briefing in Moscow today. He remarked that the company would spend RUR10.49bn ($343.82m) on construction of production bore holes alone. According to Ananenkov, it is also necessary to overhaul 524 bore holes, including 399 bore holes in Western Siberia.

Ananenkov pointed out that there would be a trend towards an rise in investments in geological exploration at Gazprom during the next several years. The company forecasts that investments in geological exploration in 2002 will allow an increase in gas reserves by 550bn-600bn cubic m.

As it was reported earlier, Gazprom plans to produce 531.7bn cubic m of gas in 2003. It will also produce 9.66m tons of gas condensate and 710,000 tons of oil. The company has exceeded the target level of gas production by over 1.2bn cubic m since the beginning of January 2003.

© &to=http://www.rbc.com' target=_blank>RBC

Comments
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Terrorists attack police officers in Chechnya in a series of poorly prepared acts
Russia Must Die - The Deep State has Spoken
Oil prices may fall as USA saves record oil reserves
Putin sets Merkel against Trump. She doesn't mind
US-Russian confrontation: War is peace, freedom is slavery
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Israel makes final warning to Iran
The ayatollahs now fear the collapse of the Iranian economy
North Korean government warns people of severe famine
Israel makes final warning to Iran
Putin sets Merkel against Trump. She doesn't mind
Ukraine dreams of what it can do to Crimea after winning war with Russia
Russia's five-day war with Georgia: What lies beneath international lies
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Russia refuses to build helicopter carriers, but considers aircraft carriers
US-Russian confrontation: War is peace, freedom is slavery
US-Russian confrontation: War is peace, freedom is slavery
Oil prices may fall as USA saves record oil reserves