TNK-BP Second Anniversary
09 Sep 2005
To mark the company’s second anniversary, TNK-BP President and CEO Robert Dudley described headline achievements since 29th August 2003 when TNK-BP commenced operations.
He noted in the two years of its existence the company had:
- Grown production from 1.2 million barrels per day in 2003 to 1.62 million barrels per day on September 1st this year.
- Confirmed and increased reserves to more than replace all its production (as independently audited).
- Increased capital investment from $800 million in 2003 to $2.0bn in 2005.
- Paid taxes duties and excise to the Russian authorities estimated at more than $14bn for 2005 alone; and at in excess of $20bn for the period from September 2003 to end 2005.
He also noted that the company had introduced a number of measures designed to transform TNK-BP to match international best in class standards. Examples included corporate restructuring, transforming the accounting process to allow faster reporting of RAS and US GAAP consolidated results, independent annual reserves audits, securing successful upgrades from international rating agencies, improved reservoir management practices, investment governance and HSE programs.
Looking ahead, he reaffirmed the company’s commitment to continuing high levels of investment in Russia and Ukraine and its intention to build a strong and sustainable long term business.
“Our first two years have laid the foundations for creating a world class Russian company in the long term. We are committed to build on this beginning and grow our business here in Russia with the help of our staff and key partners in government and the business world.”
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