TNK-BP Pushes Up Output by 14% in 1H
05 Jul 2004
In 1Q 2004, TNK-BP increased crude oil output by 14% y-o-y, said Lord John Brown, Head of BP Group of Companies, in Moscow on July 2. In his words, the output growth in combination with rising crude oil prices on global markets "pushed up the company's income by $7 billion this year." Lord Brown also noted that TNK-BP intended to enhance output by 12% versus 2003 when the company's output amounted to an average of 1.27 billion bbd. He said TNK-BP replaced 133% of extracted reserves in 2003 and intends to further increase reserve replacement in subsequent years. By 2015, TNK-BP plans to double its resources. Lord Brown reminded that TNK-BP planned to annually invest over $ 1 billion in Russia during the next five years. In his words, approx. 50% in Slavneft NGK has been included in TNK-BP since 2004, thus adding the output of some 212,000 bbd and reserves of 0.45 billion bbl. Source INTERFAX
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