October 14, 2008

Surgutneftegaz 2007 revenue up as production declined

Bloomberg reported that Russia’s Surgutneftegaz increased its net revenue in 2007 by 15%, earning RUB 88.6 billion (USD 3.8 billion) according to Russian accounting standards.

The figure was released after a Surgutneftegaz shareholders meeting last week. It also reported that its capital investment in oil production grew by one third as it was struggling to prevent a major drop in output. It amounted to RIB 86 billion or almost as much as its profit last year.

Surgutneftegaz and analyst said it produced 64.5 million tonnes in 2007, registering a decline of 1.6%.