Moscow, 10 January 2002; Sibneft achieved the fastest rate of organic production growth of any major Russian oil company in 2001, according to industry data released by the Energy Ministry.

Sibneft's output rose by 20.2% to 408,000 barrels per day (20.671 million tonnes) from 338,000 barrels per day (17.199 million tonnes) the previous year. Sibneft last year began production for the first time at fields outside its core region of Noyabrsk. The production data includes output from Sibneft-Yugra and the company's Krapivinskoye field in the Omsk region.

Sibneft this year aims to grow production at an even faster rate, with output targeted to rise by 26.3% to 516,000 barrels per day (26.1 million tonnes). The output hikes are being driven by a two pronged strategy of intensive investment in developing new fields and in raising productivity at existing fields.

Other operational highlights include: (data for 2001 with comparative data for 2000)

-- Crude exports up 30% to 143,000 barrels per day (7.256 million tonnes) from 110,000 barrels per day (5.587 million tonnes)

-- Average output of new wells up 52% to 456 barrels (63.2 tonnes) per day from 299 barrels (41.5 tonnes) per day

-- Average well productivity up 14% to 98 barrels (13.6 tonnes) per day from 86 barrels (11.9 tonnes) per day

-- Drilling up 32% to 980,000 metres from 740,000 metres

-- Hydrofracturing operations up 37% to 354 from 258

-- Refining up 6% to 262,000 barrels per day (13.258 million tonnes) from 247,000 barrels per day (12.555 million tonnes), with gasoline output of 3.237 million tonnes, diesel output of 4.525 million tonnes, fuel oil output of 1.962 million tonnes and jet fuel output of 615,000 tonnes

-- Headcount down 22% to 29,300 from 37,760

Contact:

Nick Halliwell
Sibneft
Tel: +7 095 777 3116
nick@sibneft.ru
www.sibneft.ru