TNK-BP Expands Upsteam Asset Base
28 Oct 2004
TNK-BP today announced acquisition of four companies that hold licenses for appraisal and production of hydrocarbons in Bolshekhetskaya depression located in the Kransoyarsk Region, the Yamalo-Nenets Autonomous Region and Taimyr Autonomous Region. The assets were acquired from Slavneft in October. Tagulskoye and Suzunskoye fields are located to the north and to the south of the Vankor deposit and are rich in light crude and gas. Russko-Rechenskoye field lies to the southwest of the Vankor and harbours mainly gas and condensate. The fourth oil field, Payakhskoye, is remote from the main group of acquired assets. Payakhskoye is located close to the port of Dudinka, which is open the year round. The deposits are estimated to hold considerable oil and gas reserves ABC1 + C2 categories, including 115 million metric tonnes of oil and condensate (830 million barrels), and 117 Billion cubic meters of gas (4.120 Billion cubic feet). By the end of 2004 TNK-BP is planning to have invested into exploration activity $6 million with the investment volume to exceed $35 million by 2007 when the pilot production is due to start. In compliance with the terms of the license agreements the company will cover about 1,200 kilometres by 2D seismic, 1,100 cubic kilometres by 3D seismic, and drill 9 exploration and appraisal wells. TNK-BP is planning to implement the large-scale development of Bolshekhetskaya depression in cooperation with Rosneft and LUKOIL, which also have upstream assets in the area. Commercial development in Bolshekhetskaya depression should begin in 2008 with gross peak production reaching 13 million metric tonnes per year (250,000 barrels per day).
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