ТNК-ВР has discovered a new Malouimskoye oilfield with about 5 million tons of recoverable oil.

 

ТNК-ВР has been implementing an organic production growth program to deliver annual 1-2% of incremental oil production, backed with hefty investments in development drilling, innovative enhanced oil recovery technology, and exploration. The program for developing Uvat, a major Greenfield project operated by TNK-BP, aims to step up production by 18.6% in 2012 (against 2011) to as much as 7 million tons a year.

 

The hydrocarbon reserves were booked on the Russian Balance of Mineral Resources on November 15, 2012. Under the planned program, the asset will be further appraised for detailed subsurface evaluation in order to maximize the effectiveness of subsequent field development. In 2013-2014, Malouimskoye will be covered with a 3D seismic survey.

 

“Based on the acquired well data, the potential recoverable volumes under C1+C2 categories are estimated at about 5 million tons. Given that the Malouimskoye field is relatively close to the pipeline between East and West Uvat Hubs, we can fairly expect that, following the appraisal program, it would begin adding value as one of Uvat development projects”, says Yury Masalkin, General Director, 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.