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MosNews.com: Shell Makes Oil Find in Russia

MosNews.com: Shell Makes Oil Find in Russia: “The discovery should allow the company to boost its falling reserves and output.”

11.08.2004

A Royal Dutch/Shell Group venture in Russia said that one of its exploration wells drilled at the Upper Salym oil field in Western Siberia found oil, Bloomberg reported on August 10. The discovery should allow the company to boost its falling reserves and output.

Royal Dutch/Shell, Europe’s second largest oil company, has seen its output and reserves decline recently. The group now counts on its projects in Russia to help boost its production. The venture is spending more than $1 billion to develop the three Salym oil fields, which hold reserves equal to about 16 percent of those that Shell removed from its holdings earlier this year. Jason Kenney, an analyst at ING Financial Markets, quoted by Bloomberg, said that Western Siberia oil project “could be considered quite a key project for Shell’s longer-term outlook”.

The license to Salym oil fields is owned by Salym Petroleum Development NV joint venture. Shell holds a 50 percent stake in the venture. The other 50 percent are held by open joint-stock company Evikhon, which in turn is controlled by London-based Sibir Energy Plc.

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