Sibir Energy

Capex

Production

Sibir’s average daily crude processing volumes in the first half of 2008 increased 72% to 87,800 bopd compared to 50,900 in the first half of 2007.

Production in 2007 rose 80% to a record high of 17.8 million barrels with 15.3 million barrels contributed by SPD and 2.5 million barrels coming from Magma's upstream unit. The Group's total daily production rate closed the year at 63,100 barrels of oil per day (bopd), an increase of over 60% compared to year-end 2006 production of 38,900 bopd.

Sibir enjoyed excellent performance across its entire upstream asset portfolio as Group production rose 80% to 17.8 million barrels. Of the total, 15.3 million barrels was produced by Salym Petroleum Development (SPD), Sibir's 50:50 joint venture with Shell which operates the Salym oilfileds in the Khanty Mansiysk District of Western Siberia, and the remainder was produced by Sibir's subsidiary, Magma, which operates the Yuzhnoye and Orekhovskoye fields in the same region. Total Group production is expected to reach 25 million barrels in 2008.

The Group's daily production at year end grew 62% to 63,143 barrels of oil per day (bopd) up from 38,901 bopd at the close of 2006 due to continued strong production growth at Salym.

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