TNK-BP Reports Energy Savings of $109m in 2011

TNK-BP announces that it energy saving programme achieved savings of $109 mln in 2011.

Following the adoption of an energy optimization programme in March this year, the Company plans to substantially reduce its energy supply costs by cutting operating expenditure, energy trading, building in-house power generation facilities and optimizing capital expenditure, together with a whole range of energy saving measures.

TNK-BP’s energy saving programme was launched in 2008, and in 2011 it achieved savings of $109 mln, exceeding target metrics by 18%. Of these savings, $26.4 mln were Downstream and $82.8 mln Upstream. The reduction in energy costs was equivalent to about 9% of the inertia scenario for energy consumption in the Company.

According to TNK-BP Executive Vice President Mikhail Slobodin, in addition to electricity savings of 1,222 million kWh, actual savings in fuel and heat in 2011 amounted to 4,100,000 GJ. Overall energy savings can be compared with annual consumption by the town of Podolsk near Moscow, with a population of 180,000.

Source