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TNK-BP prospects, spend up on Russia shares

Published Jul 10, 2007

TNK-BP replaces 129% of production with new reserves

TNK-BP’s gas business in Russia will spend $4 billion investing and acquiring in Russian and abroad this year, judging from a company statement.

The figure marks a revision based on the purchase from Occidental Petroleum of Vanyeganneft for $485 million in January 2007.

TNK-BP aims “is sure” production will be stabilized during the year and possibly increased, and new refining capacity is planned. Insufficient refining has for years been a bottleneck to more domestic oil sales.

“We have plans for moving to new markets outside Russia,” company gas business director, Viktor Vekselberg, was quoted as saying, adding that a “5-year-plan” was in place.

In late June 2007, TNK-BP agreed to sell 62.9% of RUSIA Petroleum (operator of the Kovykta field) and 50 percent of the East Siberia Gas Company to Gazprom.

However, compensation is reportedly forthcoming for BP in the form of East Siberia Gas’s 12 percent share in Verkhnechonskneftegaz, which Interfax reported could soon be sold to TNK-BP.

 

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