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TNK-BP & Transneft Sign Contract for Zapolyarye-Purpe

Source: www.gulfoilandgas.com 12/14/2011, Location: Asia

TNK-BP announces that it has signed a long-term contract with OJSC Transneft for the transportation of oil through the Zapolyarye-Purpe pipeline, which will connect Yamal fields with the East Siberia–Pacific Ocean oil pipeline.

The company intends to commence supplies of oil from new fields in the Yamalo-Nenets Autonomous Area and northern Krasnoyarsk region in 2016 and plans to increase volumes in the midterm future.

TNK-BP will be the largest supplier of hydrocarbons to the Zapolyarye-Purpe pipeline. The oil reserves and resources of the company’s fields in this region under 3P + 3C categorization are estimated at approximately 5 billion barrels. TNK-BP will invest up to $10 billion in the midterm for the construction of necessary infrastructure at the fields, including the construction of feed pipelines.

“TNK-BP is the first oil company to sign a contract for transportation of oil through the Zapolyarye-Purpe pipeline, construction of which will open a new stage in development of the oil and gas province of Yamal and northern Krasnoyarsk region. Mutually beneficial cooperation between the state and oil and gas companies is one of the most important conditions for putting new fields into development and efficiently developing the abundant resources of the region,” said German Khan, Executive Director of TNK-BP.

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