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Record output for Sibir Energy

Created:
19 June 2008
Written by:
Martin Li

Crude oil production from the Salym fields in western Siberia - Sibir Energy's 50:50 joint venture with Shell - has now exceeded 125,000 barrels per day (bopd), a new record. This brings Sibir's 50 per cent share of Salym production to over 62,500bopd.

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Combined with output from the Yuzhnoye fields, also in western Siberia, Sibir's total daily production now exceeds 69,000bopd. This underlines its transformation from a downstream-focused oil group to a significant independent producer - at its current rate, it's churning out more than main-market peers such as Premier Oil, Dana Petroleum and Cairn Energy, and is only just short of Tullow's current 70,000 barrels a day.

More share tips and updates...

Check out our tip performance...

SHARE TIP UPDATE:

Buy

At 740p, the shares are significantly higher than our buy tip (433p, 26 June 2007), and growing production further reinforces our view. Buy.

Last IC view: Buy, 632p, 8 May 2008

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