Russia's oil giant Sibneft increased its volume of oil production by 20.2 percent to 20.67 million tons in 2001. In the previous year, the company extracted 17.199 million tons of oil, Sibneft's press service reported. The oil production data includes oil extracted from the Krapivninskoe oilfield in the Omsk region and crude produced by the Sibneft-Yugra joint venture. This year Sibneft's target is set at 26.1 million tons of oil, which is 26.7 percent more than in 2001. It is based on significant investments in the development of new oilfields and production enhancement on operating wells.