LONDON (Thomson Financial) - Sibir Energy Plc, the AIM-listed oil producer,
reported increased 2007 profits, buoyed by improved production at its Russian
oil fields and gains from the acquisition of the Moscow Oil and Gas Co.
Pretax profit rose to $343.67 million in 2007 from $111.97 million
previously, while revenue grew to $1.77 billion from $1.05 billion. Net profit
increased to $282.43 million from $88.97 million.
Production for the year rose 80 percent to 17.8 milion barrels, with daily
output reaching 63,100 barrels of oil per day (bopd) by yearend, reflecting
increased output from the Salym fields.
Salym, a 50-50 joint venture between Sibir and Royal Dutch Shell Plc, pumped
30.7 million barrels in total in 2007, up from 14.9 million previously. Its
daily output rose from 64,000 bopd at the start of the year to 113,000 bopd by
yearend.
Sibir said plans are underway to boost Salym's output to 45 million barrels
in 2008, with yearend volumes expected to reach between 130,000 bopd and
140,000 bopd.
The refinery processed 72.9 million barrels in 2007, Sibir said, adding its
share of barrels refined averaged 58,630 bopd as its tolling quota increased
from 45,000 bopd to 100,000 bopd following the MOGC deal.
Sibir said plans to double the size the company in 18 months remain on track
"save only that if the plan materialises it is likely to be sooner than later
and well within the earlier 18 month forecast".
Capital spending for upstream projects is expected to reach $164.5 million
in 2008, down from $191.7 million in 2007.
monicca.egoy@thomsonreuters.com
mbe
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