Russia’s TNK-BP consortium member OJSC Verkhnechonskneftegaz said this week that it intends to increase oil year-over-year production by 40% from 5 million to 7 million tons this year.
The field is in the north of Irkutsk Region, about 1,100 km from Irkutsk city. It is linked to the East Siberia/Pacific Ocean pipeline system.
TNK-BP owns 74% of OJSC Verkhnechonskneftegaz and Rosneft owns 25.94%. It is the country’s third largest oil company and is owned by BP and the Alfa Group/Access Industries/Renova consortium on a parity basis. TNK-BP also owns about 50% of Russian oil and gas company Slavneft.
TNK-BP’s share in Russia’s oil production including its share in Slavneft is about 16%. The company said its total proved US Securities and Exchange Commission reserves were 9.115 billion BOE at the end of last year.
