TNK-BP To Double Oil Production At Uvat Fields In 2010

19.01.2010 — News

THE TYUMEN OBLAST.

New fields accounted for more than 7% of TNK-PB's oil and gas production in 2009. 1.973 million tons of oil has been produced at fields included in the Uvat project. The other two fields, Verkhnechonskoye and Kamennoye, produced 3 million tons of oil.

According to Sergey Brezitsky, Executive Vice President, Upstream, TNK-BP, the company has managed to increase the annual production of oil and condensate that according to the preliminary data reached 70.8 million tons, first of all due to bringing the fields in West and East Siberia onstream.

The company informed RusBusinessNews that TNK-BP is planning to focus on the development of the central part of the Uvat project in the mid-term. According to the 2010 results the production volume at new fields in this area of the Tyumen Oblast may amount to 4 million tons. Amount of investments into the Uvat project this year will reach about 500 million dollars, whilst 20% of this will be used for the development of the Central Uvat.

The total amount of explored reserves of the Uvat project is 1.1 billion barrels of oil. The development will require 7-8 billion dollars 2.5 out of which TNK-BP has already spent.