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TNK-BP to Invest $660M in Orenburg Field in 2012

Source: www.gulfoilandgas.com 10/9/2012, Location: Asia

TNK-BP announces that it will invest over $660 million in infrastructure facilities at the fields of OJSC Orenburgneft and LLC Buguruslanneft (subsidiaries of TNK-BP) in 2012, which is 42% more than last year.

TNK-BP is implementing a major program to stabilize production at its mature fields. The program has a particular focus on the Orenburg area, where 20.3 million tons of oil were produced in 2011. The money will be spent on deploying new production technologies, capital construction, facilities upgrade and expansion of existing capacities.

“This year, the fields of Orenburgneft and Buguruslanneft celebrated their 75th anniversary. They are amongst the oldest oil production areas in Russia. Thanks to new technologies, however, it is possible to maintain the planned level of production at the fields. As a result, the company has doubled its oil output since 2002, with an average annual growth rate of 8.9%,” said Igor Rustamov, General Director of Orenburgneft.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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