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VCNG Produced 1.181 m Tons of Oil in 2009

Source: www.gulfoilandgas.com 1/27/2010, Location: Asia

Vercknechonskneftegas produced 1.181 mln tons of oil in 2009 according to a company press release. Thus, its oil production plan was overfulfilled by 30%, and the well drilling plan was overfulfilled by 10%. 41 wells were drilled and prepared for operation according to the year-end data.

Igor Rustamov, VCNG General Director, noted that the good 2009 operating performance is a result of a comprehensive approach to the development of the Verkhnechonskoye field. Almost every area of company operations was considered a priority.

According to the press release, the completed construction program allowed commissioning a Reservoir Pressure Maintenance (RPM) System consisting of two sets of water intake facilities, more than 40 km of high and low pressure water lines, and a package pump station.

Verkhnechonskoye field RPM is a prerequisite for efficient use of the hydrocarbon reserves. Another construction program milestone was expansion of the Oil Treatment Unit — 1 (UPN-1) throughput capacity from 1.3 mln tons to 2.4 mln tons of oil per annum, which allowed the company to guaranty Oil Quality Group 1 of its supplies to ESPO pipeline.

In 2009, VCNG tax contributions amounted to 482 mln rubles, including 107 mln rubles of Unified Social Tax payments. The capital expenditures amounted to 13.78 bln rubles.

VCNG owns the license to develop Verkhnechonskoe oil and gas condensate field in the Irkutsk region with C1+C2 recoverable reserves of 201.6 mln tons of oil, 95.5 bln cubic meters of gas and 3.4 mln tons of gas condensate.

The major shareholders of VCNG are TNK-BP Holding (68.51%), Rosneft (25.94%) and East-Siberian Gas Company (5.48%). VCNG charter capital is 345,057 rubes. This amount is divided into 34.506 mln of issued common shares with a par value of 0.01 rubles.

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