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Surgutneftegaz Further Develops the Talakan Oil Field

Major Russian oil producer is to invest $3.75 billion into a field in Russia's Far Eastern republic of Yakutia by 2011

The far-east oil field is expected to provide 5-7 million tons of oil annually, when in full operation. It was already invested $3.87 billion by Surgutneftegaz.

Now the company plans to inject another $3.75 billion. the oil field thus is scheduled to give 1.2-1.5 million tons of oil in 2009.

Alexander Ogly, the company's deputy general director, said this year's production would be around 600,000 tons, with 200,000 tons going to the new East Siberia-Pacific Ocean (ESPO) oil pipeline.

The ESPO pipeline is designed to pump up to 1.6 million barrels of crude per day from Siberia to Russia's Far East and then onto China and the Asia-Pacific region.

Author: Ksenia Kochneva