MOSCOW, April 27 (RIA Novosti) - The Ritek, a Russian joint stock company, board decided to increase the planned target oil output for 2004, a press release from the company that RIA Novosti received on Tuesday said.

The new technical and economic indicators of the company's operation in 2004 are linked with the beginning of a horizontal drilling project at the Sredne-Khulymskoye deposit (Nadym district of the Yamal-Nenets Autonomous Area in northern Russia).

For instance, the company, established in 2004, plans to extract 3.6 million metric tons of oil instead of the earlier announced 3.4 million metric tons. At its own deposits, including the leased deposits, it plans to extract 2.5 million metric tons instead of the earlier announced target of 1.99 million metric tons.

Capital investments, including the value added tax, will amount to 3.4 billion rubles in 2004, which is 9.3% more than in 2003. Capital investments in drilling are 2.2 billion rubles, or 48.3% more than in 2003 ($1 is approximately 29 rubles).

The company plans to boost its net profit in 2004 by 32.7% to 1.7 billion rubles and its net revenue from the sale of products by 15.6% to 8.7 billion rubles.

"The company's management and personnel view ensuring the stable development of two main mutually complementing directions of activity- oil extraction and innovations - as their tasks in 2004," Valery Graifer, the general director of Ritek, said.

The Ritek oil extraction open-end joint stock company was registered in 1992, and in 1994 received its first license to extract oil and gas at the Vostochno-Perevalnoye deposit. Its principal shareholders are Lukoil (51%), Sonoco of Britain (5%), and Tatneft (6%).

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