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. Last Updated: 07/27/2016

Sibneft Eyes New Fields

MOSCOW -- The nation's No. 7 oil firm, Sibneft, plans to invest about $2 million this year in setting up a new field development research center to help it develop new production areas, a company statement said.

The move coincides with the signing of an agreement to acquire the Inpetro Research Co., the country's leading institute working in the field of development planning, which will form the core of the new center, Sibneft said Tuesday.

Inpetro has worked on numerous development projects, including the Sakhalin-2 venture uniting Marathon, Shell, Mitsui and Mitsubishi, the Total-led Kharyaga development, Conoco and LUKoil's Northern Territories project and Shell's Salym venture, the statement said.