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TNK-BP increases production in Uvat by 19 prc in 2012

January 12, 2013, 22:05 UTC+3

TNK-BP has been consistent in implementing a programme aimed at the organic growth of hydrocarbons production by 1-2 percent annually

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MOSCOW, January 12 (Itar-Tass) – TNK-Uvat’s 2012 oil production will amount to approximately 7 million tonnes, 19 percent more than in 2011, according to preliminary data announced by TNK-BP.

TNK-BP has been consistent in implementing a programme aimed at the organic growth of hydrocarbons production by 1-2 percent annually.

The fields of the Uvat project make a substantial contribution to the production growth and the company's resource base expansion. In 2012, the company booked the Malouimsky field area reserves, confirmed oil reserves presence in the north of the Tyamkinsky Hub (from 2 to 8 million tonnes of oil according to preliminary estimates) and discovered some new oil traps in the southern part of the Ust-Tegusskoe field. New discoveries alone added about 18 million tonnes of reserves in 2012, the company said in a press release.

“Most of TNK-BP’s producing assets are mature fields, so production increase in new projects is one of the key strategic goals underpinning the company’s stable development,” Yuri Masalkin, General Director, LLC TNK-Uvat, said.

“At present Uvat is one of TNK-BP’s most actively developing assets; it comes third in terms of production volumes preceded only by Samotlor and the Orenburg region. Within our Uvat project, we plan to start up production in new fields every year. For instance, in 2013 we will start developing the Yuzhno-Petyegskoe and Radonezhskoe fields, belonging to Tyamkinsky Hub,” he said.

TNK-BP is a leading Russian oil company and is among the top ten privately-owned oil companies in the world in terms of crude oil production. The company was formed in 2003 as a result of the merger of BP’s Russian oil and gas assets and the oil and gas assets of Alfa, Access/Renova Group (AAR). BP and AAR each own 50 percent of TNK-BP. The shareholders of TNK-BP also own close to 50 percent of Slavneft, a vertically integrated Russian oil company.

TNK-BP is a vertically integrated oil company with a diversified upstream and downstream portfolio in Russia and Ukraine. The company’s upstream operations are located primarily in West Siberia (Khanty-Mansi and Yamalo-Nenets Autonomous Areas, Tyumen Region), East Siberia (Irkutsk Region), and Volga-Urals (Orenburg Region).

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