By OGJ editors
HOUSTON, Jan. 22 - Chechen Republic, despite its precarious security situation, hiked oil production to 36,000 b/d in 2003 from 30,000 b/d in 2002 and nearly doubled gas production to 44 MMcfd.
Still, Chechnya seeks help to repair facilities and revitalize its industry and has specifically made overtures to Saudi Arabian businessmen to invest, OPEC News Agency reported.
OAO Rosneft's Grozneftegaz, which operates existing production in Chechnya, targets 40,000 b/d and 50 MMcfd as 2004 goals. Chechnya's reserves are estimated at 220 million bbl, enough for 15 years of production.
The republic has major problems with theft of crude oil from pipelines and operation of makeshift distillation units, Opecna reported.