Contractors Unlimited

TNK-BP Builds Up Oil and Gas Production in the Orenburg Region

TNK-BP Alexander Grabovsky, Vice President of TNK-BP and Director of TNK Orenburg, and Valery Batrashkin, General Director of OJSC Orenburgneft, held a press conference in the city of Orenburg and summed up the performance of TNK-BP in the Orenburg Region in H1 2010.

In the first six month of this year, TNK-BP enterprises in the Orenburg Region (OJSC Orenburgneft and LLC Buguruslanneft) produced over 9.7 million tons of oil, 9.8% more than in the same period last year. Gas production in January-June 2010 exceeded 1.2 billion cubic meters, which is 3% more than in the first six months of 2009.

TNK-BP remains the largest taxpayer of the Orenburg Region. TNK-BP enterprises in the Orenburg Region paid 4.215 billion rubles of taxes and other duties into the consolidated budget of the region in H1 2010.

In addition, the company allocated 152 million rubles for repairing general-purpose automobile roads in the Orenburg Region. Apart from that, TNK-BP continues implementation of its charity and sponsorship program in the region and has spent 34 million rubles for these purposes in the first six month of this year. These funds were used for purchasing vehicles, sports equipment, and office equipment for children's homes and boarding schools, supporting sport clubs, organizing cultural and sporting events, and assisting cultural, healthcare and educational institutions.

TNK-BP is Russia's third largest oil company that is owned on a parity basis by BP and AAR consortium (Alfa Group/Access Industries/Renova). TNK-BP also owns ca. 50% of Slavneft, a Russian oil and gas company. TNK-BP produces ca. 16% of the total volume of Russian oil production (including TNK-BP interest in Slavneft). The total proven reserves owned by the Company as estimated according to the Securities and Exchange Commission (SEC) methodology disregarding license validity amounted to 8.586 Bboe as of December 31, 2009.

Currently the share of TNK-BP's in-house power supply is approximately 4%. The company's strategy in power supply calls for raising this indicator to over 50% by 2020. TNK-BP plans to invest over $700 mln to construct, upgrade and reconstruct its in-house power facilities, including gas turbine power plants and power grids, in the forthcoming three years.

Published 02/09/2010

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