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.