West Siberian Resources Ltd's total oil production for the fourth quarter 2008
increased by 15% to 4.6 million bbls from 4.0 million bbls in the fourth quarter
2007. The average daily production for the period increased to 49,425 bpd
(43,750 bpd). The group's total oil production for 2008 increased by 24% to 17.4
million bbl (14.0 million bbl). Refining volumes at the Khabarovsk refinery
amounted to 4.9 million bbl in the fourth quarter 2008 as compared to 6.8
million bbl refined in the third quarter 2008. The total refining volume at the
Khabarovsk refinery in 2008 amounted to 24.3 million bbl. Currently, production
and refining volumes remain at the fourth quarter levels with no significant
adjustments planned in the short term.
The total oil production came from the Timano-Pechora region (1.4 million bbl
for the fourth quarter and 5.2 million bbl for 2008), the Tomsk region (1.0
million bbl for the fourth quarter and 4.4 million bbl for 2008), the
Volga-Urals region (2.0 million bbl for the fourth quarter and 7.4 million bbl
for 2008) and Kazakhstan (0.1 million bbl for the fourth quarter and 0.4 million
bbl for 2008). A total of 115 wells were subject to workover or repair
activities in the fourth quarter 2008. In total 69 production wells were drilled
in 2008 out of which 17 were drilled in the fourth quarter.
“Overall we saw lower product demand and an increased price pressure in quarter
four. However the wholesale and retail product prices did not decrease as
rapidly as crude and export product prices. We can now see that the upstream
pricing environment has improved following recent export duty reductions and
Rouble depreciation. Currently, oil production has stabilized and refining
volumes also remain at the fourth quarter 2008 levels. We expect to stay at
these levels for some time and will respond to the changing pricing environment
on short notice” says Arsen Idrisov, West Siberian's Managing Director.
For further information:
Arsen Idrisov, Managing Director, West Siberian Resources Ltd., tel. +7 (495)
745 58 14
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85
Also visit www.westsiberian.com
West Siberian is a leading independent oil company with vertically integrated
operations in Russia and Kazakhstan. West Siberian Resources has proved and
probable oil reserves of 489 million barrels, a production of about 50,000
barrels per day, refining capacity of 70,000 barrels per day and a network of
256 gas stations and 24 wholesale oil terminals. West Siberian's depository
receipts are traded on the OMX Nordic Exchange Stockholm under the symbol WSIB
since May 2007.
