Yesterday, May 28, 2003, management of OJSC “Surgutneftegas” met with representatives from Marathon Oil Corporation. The meeting was held in the Company headquarters located in Surgut, Khanty-Mansiysky Autonomous Okrug, Tyumen Oblast. The parties discussed cooperation in joint development of oil and gas fields in Western Siberia.

On May 13, 2003 Marathon Oil Corporation announced it had completed acquisition of Khanty Mansiysk Oil Corporation (KMOC) which has approximately 300 million barrels (40 million tons) of proved and probable high quality oil reserves located in Western Siberia. The substantial resource base of KMOC is expected to grow three-fold up to 900 million barrels. Within five years the new owners of KMOC plan to invest USD 378 million in drilling works, the Ob River pipeline crossing project and construction of surface field facilities. 

Press Service of OJSC “Surgutneftegas”