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Sibir Energy is to invest £26m in the Upper Salym oil field in Russia over the next two years, having agreed to acquire Shell's 50% stake in return for funding and operating the development.
Sibir Energy has increased its stake in its Russian subsidiary to 98% following the purchase of a further 20% from Gazprom, and is also planning to develop new fields in western Siberia in partnership with Sibneft.
Sibir Energy has announced plans to develop three onshore oil fields in western Siberia in partnership with Sibneft of Russia.
Sibir Energy is to acquire EuroSov Energy for £7.4m, in order to co-operate in the expansion of their oil exploration activities in Russia.
Sibir Energy has launched a £62m recommended bid for Pentex Energy, its former parent company, which will give it the additional skills it requires for its new oil exploration interests in Russia.