TNK-BP Wins Auction for Yuzhno-Uzunsky Subsoil Block in Nefteyugansky District

TNK-BP announces that OJSC Nizhnevartovskoe Neftegazodobyvayuschee Predpriyatie (a TNK-BP Group company) has won an auction for development rights to the Yuzhno-Uzunsky subsoil block (estimated C1+C2 reserves – 1.4 million tons).

By the end of 2013, the Company will perform a detailed analysis and evaluation of the block’s reserves before deciding whether to carry out further exploration work at the field. According to preliminary estimates, development drilling at Yuzhno-Uzunsky will begin in 2015.

TNK-BP is constantly working to grow its resource base, both by expanding its asset portfolio and through additional exploration work. Its exploration spend in 2012 was in excess of $500 million, or 43% more than the year before. As at December 31, 2011, the Company’s reserve replacement ratio was 145% of production during that year and its SEC LOF proven reserves amounted to 9.115 billion barrels of oil equivalent.

“Efficient reserve replacement is one of TNK-BP’s strategic objectives. Expanding the asset portfolio and developing prospective resources not only enables the Company to maintain its target production level, but also lays the foundation for efficient long-term growth,” said Sergey Karavaev, General Director, OJSC Nizhnevartovskoe Neftegazodobyvayuschee Predpriyatie.

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