AVANTAGE OILís production and development units operate in the traditional hydrocarbon-bearing regions of Russia, such as Siberia, Southern Russia, and in the new and increasingly promising oil and gas provinces of the Russian Far East.
Our current output totals to 32.8 Million. tonnes of crude oil and gas condensate, and 3.7 bcm. of gas. Our Current production capacity has risen 22.3 % this year. This significant increase in output was driven by our new acquisitions.
Our accelerated organic growth was achieved primarily through continued development of new reserves, significant expansion of operating well stock, improvement of well design and construction techniques, and optimization of production control systems. Consistent application of enhanced oil recovery methods at mature fields was also central to the Companyís strong performance.
Last year, We were particularly focused on increasing production drilling, which rose to 854 thousand m. The Company commissioned a number of new oil production wells, more than a twofold increase compared to the previous year.