OAO RITEK SELECTS SCHLUMBERGER AS GENERAL CONTRACTOR FOR HORIZONTAL WELL PROJECT

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OAO RITEK SELECTS SCHLUMBERGER AS GENERAL CONTRACTOR FOR HORIZONTAL WELL PROJECT
01 April 2004 - Schlumberger

Schlumberger announced today that it has been selected by Russian oil and gas company OAO RITEK as the main contractor for a drilling project of ten horizontal wells in the Sredne-Khulymskoye field, Nadymsky district of Yamalo-Nenets autonomous area. This is the first time in Russia that a service company will act as project manager to execute an horizontal well field development. Contract signature is expected in the first half of April, with the first well to be spudded in May 2004.

This is the first time in Russia that a service company will act as project manager to execute an horizontal well field development. Contract signature is expected in the first half of April, with the first well to be spudded in May 2004.

General Director of OAO RITEK Valery Graifer said: 'Today, horizontal drilling is one of the priorities for our company. We believe that the successful implementation of this project will considerably enhance oil production in the Sredne-Khulymskoye field. Our plans also include a wide application of the concept of horizontal drilling on other fields of RITEK' (side track drilling, etc.).

In the harsh environment of West Siberia, Schlumberger will leverage its turnkey expertise in Integrated Project Management to deliver an optimal business solution to RITEK.

Maurice Dijols, President of Schlumberger Russia added: 'We are pleased to participate in this project as the general contractor for OAO RITEK. We believe it will give us an excellent opportunity to demonstrate the value of our technology and project management skills.'

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About: Schlumberger
Schlumberger is the world's leading oilfield services company supplying technology, project management and information solutions that optimize performance for customers working in the oil and gas industry. The company employs more than 52,000 people of over 140 nationalities working in more than 80 countries, and comprises two business segments.

Schlumberger supplies a wide range of products and services from formation evaluation through directional drilling, well cementing and stimulation, well completions and productivity to consulting, software, information management and IT infrastructure services that support core industry operational processes. WesternGeco, jointly owned with Baker Hughes, is the world's largest seismic company and provides advanced acquisition and data processing services.

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