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Yuganskneftegaz operates in a normal mode and must produce 54 million metric tons of oil in 2005
Yuganskneftegaz, Rosneft's largest oil extracting enterprise, operates in a normal mode and must produce 54 million metric tons of oil in 2005, head of Rosneft Sergei Bogdanchikov told journalists in Nefteyugansk. "We have held a consultation to consider the expected results of Yuganskneftegaz's activity in the first quarter of this year. The main result is that the enterprise has reached normal rates of operation," the official was quoted as saying. The venture's previous drilling capacity has been resumed and even exceeded, he remarked. "There were 10 drilling crews earlier, whereas there are 11 now. The number will reach 16 in April and 20 in June. They will work for 5-7 years, with the approximate annual volume of work totaling half a million meters. This will make possible for Yuganskneftegaz to reach the scheduled extraction volume of about 70 million metric tons of oil in 2009-2010," the head of Rosneft pointed out. According to him, in total Yuganskneftegaz's extraction task for 2005 is being fulfilled. "The volume of extraction must make up 54 million metric tons," Bogdanchikov was cited as saying. In 2004 the company's extraction volume rose by 4.1% to 51.8 million metric tons. On December 22 Rosneft acquired a 100% stake in the Baikalfinancegroup limited corporation, which had won the auction to buy 76.79% of Yuganskneftegaz's stake on December 19. On December 31 Rosneft paid the bid Baikalfinancegroup had made at the auction. Yuganskneftegaz, Yukos' main extraction unit, was sold for 260.753447303018 billion rubles to cover the company's debt.
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