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. Last Updated: 07/27/2016

Yukos Unveils Investment Program

NEFTEYUGANSK, Western Siberia -- Yukos, Russia's second largest oil company, plans to invest 5 billion rubles ($204 million) in its upstream projects in 1999, said Yukos Exploration and Production President Yury Beilin.

The oil company plans to drill 300,000 meters of wells and add about 15 million metric tons of recoverable reserves this year.

Yukos holds about 700 million tons of active reserves, which are economically viable to extract at current market prices, said Beilin.

The oil company plans to invest about $50 million in its giant Western Siberian Priobskoye oil field, which harbors roughly 867 million tons of recoverable crude.

Yukos expects to produce 1.1 million tons of oil from the deposit this year, Beilin said.

In 2000, the company will invest $150 million in the oil field and hopes to produce 2 million tons of crude, as required by the terms of the development license.