Average daily output was 1.58 million barrels, the company said. It said growth had been helped by regular repair efforts at oil wells, continuous drilling, and successful prospecting in 2005.
CEO Robert Dudley said the output increase was another pleasing outcome of the company's activities in a business-critical area, and represented a major contribution to Russia's oil reserves. Dudley said it also demonstrated the advantage of investing in new technology and using new technology.
Production grew at an average of around 2.4% across the oil industry, the company said.
DeGolyer and MacNaughton put the company's overall proven reserves of liquid hydrocarbons at 8.230 billion barrels as of December 31, 2005. The figure includes 6.108 billion barrels of developed reserves.
"According to SEC standards, the proven reserve replacement rate with respect to the deposit development period is 137%, which is more than the company's annual replacement target of at least 100% of reserves," the company said.
