TNK-ВР is expected to invest as much as $800 into its Uvat upstream projects in 2012 to support deployment of innovative production technologies, develop related infrastructure and continue exploration.

 

TNK-ВР is pursuing an organic growth strategy to step up its hydrocarbon production by 1-2% every year. Uvat has been consistently claiming a bigger share in the Company’s production portfolio. The development program is expected to boost production by 18.6% versus last year up to 7 million tons. Over a half of the 2012 investment will fund the drilling of development wells using advanced technologies for better oil recovery, and the exploration program.

 

By the end of 2012, TNK-BP plans to complete a 39 km road, which will link Ust-Tegusskoye and Tailakovskoye fields, and will dramatically cut the costs and increase the speed of delivering supplies.

 

“Most TNK-BP assets are mature brownfields, so ramping up production at new fields is a key strategic objective to deliver sustainable business growth. Today, Uvat is a most dynamic region coming up to speed, where hydrocarbon production shot up by 22% over the first half of 2012 alone compared to the same period last year. Next year we plan to go on raising the bar to exceed 8 million tons per year”, says Yuri Masalkin, General Director of TNK-Uvat.

 

TNK-BP is Russia’s third largest oil company and is owned by BP and the AAR consortium (Alfa Group/Access Industries/Renova) on a parity basis. Additionally, TNK-BP owns approximately 50% of the Russian oil and gas company Slavneft. TNK-BP’s share in Russia’s oil production (including its share in Slavneft) is about 16%. The Company’s total proved SEC LOF reserves are 9.115 billion BOE as of December 31, 2011.