New Leaders in Oil & Gas Industry
01 Dec 2004
The Russian-British Oil Company TNK-BP created about a year ago is now demonstrating outstanding growth for all the parameters. Analysts believe that in the near future, TNK-BP will be able to become the leader in Russian oil industry, and only second to Gazprom in national gas production. At present, TNK-BP occupies the third place with regard to oil and gas condensate production volumes. The TNK-BP SPE proved reserves make c. 9 bln bbl as of the end of 2003. The Company owns six oil refineries with the total refining volumes of more than 0.5 mbpd, as well as operates the network of over 2100 petrol filling stations at the territory of Russia and Ukraine. One of the TNK-BP priorities is achieving oil production growth at the level not lower than average for the industry, as well as ensuring feedstock growth. The Company plans to achieve the rate of 1.7 mbpd in 2004 (taking into account the share of Slavneft that produces c. 0.2 mbpd), and maintains the formerly established plans for oil production - 12% growth compared to 2003. And with regard to certain parameters, it even exceeds the plan: for 9 months in 2004, TNK-BP has produced 51.846 mln tons of oil, which is only third to YuKOS and LUKOIL. Meanwhile, production growth has made c. 13%. The total feedstock growth for the Company shall make at least 100%. The TNK-BP gas activities have got a strong impulse this year. The Company has turned into the 100%-owner of the ZAO Rospan International gas producing company, which develops fields with estimated reserves of 950 bln cub.m. of gas and 180 mln tons of gas condensate. A project has been launched on commercial development of the Kovykta gas condensate field (KGCF) with the reserves of 1900 bln cub.m. of gas. The project will be one of the major ones in Russia, and all the interested parties will be invited to take part in its implementation. Recently, the TNK-BP gas projects have been made a separate strategic priority. In 2005, technological renewal and reserves growth will be among the Company key objectives. Particular attention will be devoted to replacement of reserves, which will become possible thanks to increasing the volume of exploration work at the operating fields. For this purpose, TNK-BP will proceed with implementation of advanced technologies. Organization that represent the TNK-BP interests has won the auction for the right to use the subsoil of 4 fields in the Saratov Oblast: Alexeevskoye, Osinovskoye, Gorchakovskoye, Splavnukhinskoye. As a result of the auction, RUR 70 937 thou. will be allocated to the budget, and the final price for the fields was 10 times more than the initial one. TNK-BP intends to actively develop the purchased areas and launch the pilot development of the fields as soon as possible, a great amount of exploration work and drilling is planned. The fields development will allow to maintain a significant number of workplaces, as well as avoid heating problems for population of certain communities of the Oblast. Another strategic project that will affect almost all the TNK-BP structures is corporate restructuring process. This project that envisages establishment of the New Russian Holding (NRH) registered in the Tyumen Oblast is aimed at the corporate structure simplification, consolidation of the minorities shares in the holding and their participation in the Company profit generation. Thus, TNK-BP removes from the agenda any issues related to minorities rights, which have now become a popular issue in the mass media. An important objective of the TNK-BP restructuring process is implementation of transparent tax reporting mechanism in order for the state authorities to get reliable financial information, and for the Company to have an opportunity to perform regular budgeting and planning of allocations to tax authorities.
Source: Parlamentskaya Gazeta
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