RusPetro Seeks to Prevent Output Decline | Business | The Moscow Times:
"London-listed RusPetro, a small oil company co-owned by a former Cabinet official, said Wednesday that it hoped to prevent an output decline in Russia using the money it secured last month.
Oil trader Glencore Energy UK provided a prepayment of $30 million last month for the crude it will export from RusPetro's Siberian fields over the next 12 months, RusPetro chief Tom Reed said.
RusPetro's production is expected to drop in the second half of the year from the rate of 5,500 barrels a day achieved in the first half, as no development drilling has been taking place this year, the company said. It will spend the money from Glencore to pay for drilling more wells, Reed said."
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