TNK-BP to Invest $64 Million in Drilling Program Expansion in KhMAO in 2013

TNK-BP informs that it will invest approximately $64 mln in the expansion of its drilling program at Varyoganneftegaz sites in 2013.

TNK-BP has been implementing a strategy of introducing new technological solutions to stabilize production at the Company’s brownfields in West Siberia. By 2016, the Company will invest the total of $170 mln in the comprehensive automation and production optimization program aimed at the mature fields in the region. Varyoganneftegaz’s 2013 comprehensive technology development program includes about 350 wellwork operations.

As part of this program, Varyoganneftegaz will implement 8 enhanced oil recovery projects. In particular, the plan envisages drilling of 18 additional wells with multistage fracs which will enable better production performance in the near-term and underpin further program development in 2014.

“Unlocking the potential of brownfields is a strategic priority for TNK-BP. These projects will give us more than 360 thousand tons of incremental oil production in 2013, and also ensure stable production growth in the region in the years to come,” said Varyoganneftegaz General Director Sergey Karavaev.

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