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TNK-BP to boost investment in exploration and output by 50 pct in 2013

Russian-British oil joint venture TNK-BP plans to increase investment in exploration and production by 50 percent to $5 billion in 2013, Vice President Sergei Brezitsky said on Monday.

TNK-BP to boost investment in exploration and output by 50 pct in 2013 TNK-BP to boost investment in exploration and output by 50 pct in 2013

Russian-British oil joint venture TNK-BP plans to increase investment in exploration and production by 50 percent to $5 billion in 2013, Vice President Sergei Brezitsky said on Monday.

"Five billion dollars is a serious sum," Brezitsky told Rossiya 24 TV channel in an interview.

The company will invest $3.3 billion this year, with the main projects being oil deposits in the Irkutsk region in Siberia, in the Orenburg region in the Urals, and on the Yamal peninsula in Russia's north.

TNK-BP plans to invest $800 million in development of the Yamal deposits in 2011, increasing to $1.5-1.8 billion in 2013. The amount of investment in Yamal is dependent on construction of the Purpe-Zapolyarnoe oil pipeline, Brezitsky said.

TNK-BP Acting Director Maxim Barsky said that the firm's 10-year development strategy envisages production growing by two percent before the implementation of the Yamal projects and by four percent after it. The company wants to become the largest integrated oil and gas company in Russia, and plans to raise oil production by four percent annually from 2014-2015.

Source : RIA novosti