Russia's Irkutsk Oil Co to raise 2013 invests 20% to 17 bln rbl

December 27, 2012

Russia’s Irkutsk Oil Company will increase investments by around 20% to 17 billion rubles in 2012, Board Chairman Nikolai Buinov, said Thursday at a news conference.

The company will spend 9 billion rubles to maintain fields and alleviate transport issues, and 6 billion rubles will be invested in drilling and well repairs.

Irkutsk Oil Company will increase its output around 80% to 2.2 million tonnes of liquid hydrocarbons in 2013, and plans to raise it to about 3.0 million tonnes in 2013.

Its largest output was registered at the Yaraktinskoye oil and gas condensate deposit, which produced 968.5 million tonnes. The output from the Danilovskoye field stood at 80,000 tonnes.

Irkutsk Oil Company plans to extract more than 2.1 million tonnes of hydrocarbons in 2012, up 80% on the year.

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