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13

TNK-BP: To Increases Investments and Slow Down Production

Russian-British oil company TNK-BP will increase the volume of its investments in 2006

Russian-British oil major TNK-BP will increase the volume of its investments in 2006 by 25 percent to $2.5 billion, company?s president Robert Dudley said.

He pionted out, that the sum of investments will increase, while the growth of oil production will slow down. Originally TNK-BP planned to invest $1.8 billion into its production in 2005.


Dudley, quoted by the Bloomberg agency, said that in 2005 oil extraction will grow by 6.5 percent as compared with 2004 and will exceed average sector figures in the Russian oil industry.


The company?s own data shows that as of Sept. 1, 2005, average daily production at TNK-BP deposits amounted to 1.62 million barrels, as compared with 1.2 million barrels a day, registered in August 2003, when the Russian-British oil giant was created.