TNK-BP Steps Up Crude Output by 14% and Export by 52% in 2003
16 Feb 2004

The Russia-British petroleum company TNK-BP pushed up crude output by 14% and export, by 52% in 2003, Robert Dudley, CEO of the company, said on February 12 when speaking at the annual conference devoted to the global oil and gas industry and arranged by Cambridge Energy Research Associates (CERA) international agency. In his words, TNK-BP''s crude output came to an average of 1.27 Mio bbl a day in 2003, whereas in 2002, TNK and SIDANCO making part of TNK-BP now lifted an average of 1.12 Mio bbl of oil a day. According to data provided by the Russian Energy Ministry Central Dispatching Department, TNK extracted 42,961,000 tons of oil and exported 18.8 million tons (through the Transneft system) and SIDANCO put out 18,606,000 tons and exported 8.3 million tons of oil in 2003. Robert Dudley also noted that TNK-BP was planning to engage an independent auditor, DeGolyer and MacNaughton, to appraise TNK-BP''s reserves as of the end of 2003. As present, proven oil reserves of the company, based on the appraisal made by the Society of Petroleum Engineers (SPE) stand at approx. 10 billion bbl. In the mid-term, TNK-BP''s reserves may increase by probable ones up to 17 billion bbl, and in the long-term, by potential ones to 25 billion bbl. According to TNK-BP''s five-year plan approved of by the Board of Directors, the company charted a course to aggressive growth in raw materials, based on reserve recovery by 75%. ВР and TNK''s stockholders (Alfa Group and Access/Renova, AAR) holding 97% in the company, signed the agreement to establish TNK-BP in 2003. AAR contributed its holdings in TNK International and SIDANCO, stakes in RUSIA Petroleum, in a gas field developed by Rospan in Western Siberia, and in the Sakhalin 6 project to the new company. ВР transferred a stake in SIDANCO, RUSIA Petroleum as well as a holding in the Moscow retail station network to TNK-BP. Later on, the parties agreed to incorporate AAR''s 50% stake in Slavneft into TNK-BP, for which BP paid USD 1.4 billion to them. ВР and AAR announced finalization of the transaction for establishing the joint company TNK-BP on August 29.

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TNK-BP

TNK-BP is a major, vertically integrated Russian oil and gas company. In 2007, average daily oil production totaled 1.6 million barrels per day (excluding a 50% interest of Slavneft). TNK-BP operates five refineries (four in Russia and one in Ukraine) and nearly 1,600 branded retail outlets across both countries.

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