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Bloomberg: Sibir Oil Output Growth Revives After Russia Equipment Failure

By Garfield Reynolds

Nov. 24 (Bloomberg) — Sibir Energy Plc, a U.K.-based oil company that operates in Russia, said production growth has revived after equipment failure slowed output at a field it runs with Royal Dutch Shell Plc.

Sibir’s output has grown to 35,000 barrels a day, most of which comes from the Salym field that is run by the company’s Western Siberia venture with Shell, London-based Sibir said today in a Regulatory News Service statement. The field is producing 57,000 barrels a day and should be pumping 60,000 a day by year’s end as planned.

“After rapid production increases in the first half of 2006 the pace of production growth at Salym had slowed in recent months due mainly to water-injection equipment failure,” Sibir said. “Action to remedy this issue has been taken and growth in production has resumed.”

To contact the reporter on this story: Garfield Reynolds in Moscow at [email protected]

Last Updated: November 24, 2006 02:20 EST

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