26 | 01 | 2009

SPD Production Record

Sibir today announces that the crude oil production rate at its Salym fields exceeded 150,000 barrels per day (bopd), a new record.  The Salym fields are located in western Siberia and are operated by Salym Petroleum Development NV (SPD), Sibir’s 50:50 joint venture with Shell.

The new SPD production record brings Sibir’s 50% share of production at Salym to over 75,000 bopd.  Combined with production from Sibir subsidiary, Magma, at the Yuzhnoye fields in western Siberia, Sibir’s total daily production now exceeds 81,000 bopd.

Commenting on the announcement, Sibir CEO, Henry Cameron said, “Sibir is very gratified by achievement of the 150,000 bopd production mark at Salym just over three years since the start of commercial production as it marks the fulfillment  of the production forecasts upon which the decision to develop the Salym fields was based. A record 45.5 million barrels of oil were produced at Salym in 2008, representing a nearly one-and-a-half fold increase over 2007 total production.  We congratulate the SPD team on these hard-won achievements which were accomplished through professionalism and dedication to task.”