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RussNeft has announced creation of a subsidiary under the name of ‘RussNeft Research and Technology Center OOO’. This strategic decision will allow RussNeft to ensure “highly efficient development of its oilfields and proper exploitation of its resources which by this time have significantly increased”, as pointed out in the company’s statement. Many objectives to be accomplished by the Center also include preparation of reservoir engineering documents for the oil producers of the Holding Company to develop their oilfields, and oilfield development efficiency enhancement basing on creating and monitoring oilfield geological and hydrodynamic simulation models. In addition, the Center shall control the quality of the research on reservoir engineering and geological study of the subsoil to be done for RussNeft by independent service companies.

Oil Company RussNeft OAO has established a subsidiary named ‘RussNeft Research and Technology Center OOO’.

RussNeft has created a subsidiary under the name of RussNeft Research and Technology Center, or RTC, to develop project documents and perform scientific and technical analysis of the oilfields, the company says in a statement.

No more than three years ago Sobolinoye ZAO was no different from a dozen of other small upstream companies operating in the oilfields of the Tomsk region. The company possessed a small license area of 6 square km and produced 160 thousand tons of crude oil filling only half of the license quotas. Such a gap was accounted for by the absence of good investments in well drilling. However, in 2004 with RussNeft coming to the north of the Tomsk region things changed dramatically for the company. After having been integrated into the structure of RussNeft, group of companies ‘Sobolinoye ZAO’ could stir up its oilfield activity and increase the production showing. Last year Sobolinoye ZAO produced more than 550 thousand tons of crude oil.

Oil Company RussNeft OAO has transferred 51% stake at the Udmurt National Oil Company, or UNOC, to its balance sheet, RussNeft says in a statement. On March 2nd the company’s share in the capital stock of UNOC increased from 0% to 51%. Before that the above stake was not in the company’s direct possession.