Rosneft's Spinup

Russian oil company Rosneft has increased oil field production in the first quarter of 2004 by 14.3 percent, (5.1 million tons) and gas extraction by 21.5 percent (2.1 billion cubic meters), in comparison with the same period last year.
The company's press-release indicates that investment in Rosneft strategic projects over the three months of 2004 amounted to 2.26 billion rubles (28.5 rubles per $), up from 2.3 percent in 2003.
Rosneft strategic projects include the development of hydrocarbons on the shelf of the Sakhalin Island, the Barents, Caspian, Black and Azov Seas, the Yamal-Nenets autonomous district, the Timano-Pechora oil-and-gas-bearing province and Eastern Siberia.
Rosneft's main targets today are being an authorized organization for preparing and implementing decisions on production sharing, also to revive oil-and-gas cooperation with Chechnya and oil product supply for governmental needs.