Gazprom Neft will increase investments to $2.5 bln in 2007

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The investment program of Gazprom Neft for 2007 in the amount of 64.4 billion rubles ($2.5 billion) will be used to provide long-term oil recovery growth, said in the company's press release. 

Taking into account the funds that the company plans to invest this year, Gazprom Neft plans to recover 33 million tons by the end of 2007, and by the end of 2010 company's net recovery (exclusive the fields of Gazprom and Slavneft) will surpass 35 million tons.

In 2006 CAPEX volume of Gazprom Neft made 39.2 billion rubles ($1.54 billion) and the most part of it (36.5 billion rubles) was used to develop oil production. Gazprom Neft is one of the largest oil companies in Russia. Its major shareholder is Gazprom who in October 2005 purchased 72.66% of the Company's shares for $13.079 billion, and thus increased its share to 75.68%. In 2006 Gazprom Neft lowered its consolidated oil production by 1.7% to 44.4 million tons. Gazprom Neft's net profit under RAS rose by 47% to 62.829 billion rubles in 2006 from 42.489 billion rubles Revenues rose by 37% to 374.776 from 273.086 billion rubles ($10.73 billion).

Gazprom Neft ranks eight in the list of Russian leading companies according to the results of 2005, published by AK&M September 2006. (akm.ru)

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