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  Wednesday, January 29, 2020
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The Grozneftegaz Company of Grozny, which is a subsidiary of Rosneft, produced 473,000 tons of oil
The Grozneftegaz Company of Grozny, which is a subsidiary of Rosneft, produced 473,000 tons of oil between January and March, 2004 – 4 per cent up against the similar period of 2003, Grozneftegaz Director-General Baudin Khamidov told PRIME-Tass. He attended on Thursday a meeting of senior executives of Rosneft and its subsidiaries, which was chaired by Vladimir Yakovlev, official representative of the President in the Southern Federal District. According to Khamidov, Grozneftegaz, which is the only oil producing company in Chechnya, exceeded the plan for the first three months by 3,000 tons. Khamidov believes that Grozneftegaz will produce in 2004 1.96 million tons of oil as against 1.78 million tons in 2003, which will bring them close to the reaching of the key target – two million tons of oil annually for the coming several years. The average daily oil production of Grozneftegaz is 5,400 tons. Three oil well, which were blown up as a result of acts of terrorism last March, will be put out within two months, Khamidov added. More money should be invested in the modernization of Grozneftegaz enterprises, the struggle should be stepped up against oil losses through stealing from oil wells and through unsanctioned pumping of oil out of pipelines, and oil revenues to the republic budget should be increased, Viktor Krokhmal, deputy representative of the President in the Southern Federal District, told journalists. The remaining extractable oil reserves of Chechnya amount to 30 million tons, which permits to extract oil until 2022. Prospected oil reserves, whose presence should be confirmed by the drilling of oil wells, were estimated late in 2003 only at 14 million tons. Grozneftegaz was created in accordance with Government Resolution No. 844, dated November 4, 2000, entitled “On priority measures for restoring the oil and gas complex of the Chechen Republic.” Its main spheres of operation include the production, storage, preparation and transportation of oil and gas. A total of four million tons of oil were produced between 2000 and 2003.
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