TNK-BP Outlines Strategy for Vietnam and Announces Donation to Le Loi General Hospital in Ba Ria-Vung Tau
Hanoi, Vietnam (21 November, 2011) – Today, TNK Vietnam (a 100% subsidiary of TNK-BP Group) held a press conference in Hanoi, where the company outlined a development strategy for its Vietnam operations and underscored its commitment to make a positive impact in Vietnam.
The development strategy for the Vietnam assets will involve safe and efficient operations of offshore gas production, making it a center for offshore technical expertise within TNK-BP Group, as well as a vigorous approach to new growth opportunities in the Southeast Asian nation.
Following the official amendment of the investment license for Block 06.1 in October 2011, TNK Vietnam has assumed operatorship of the Lan Tay platform and the Company is now seeking new organic and inorganic growth opportunities and form strategic partnerships for the development of new opportunities in Vietnam’s energy sector.
As a next step, TNK Vietnam will participate in the current licensing rounds for offshore blocks being auctioned by PetroVietnam.
Chris Einchcomb, Vice-President of International Projects and Upstream commented:
“Vietnam is an attractive place to do business and TNK-BP is here for the long term. As we focus on integrating these assets into the TNK-BP portfolio, we are also seeking new opportunities to deepen our presence in the country and play a greater role in providing safe and reliable energy to the people of Vietnam.”
The Company will drill two sub-sea wells in the coming month in Lan Do field development project and first gas is scheduled to come on stream in the fourth quarter of 2012. Gas production from Lan Do, which helps to fulfill the company’s gas sales and purchase agreement obligations with the Government of Vietnam, is expected to bring additional 2 billion cubic metres of gas annually to Block 06.1’s current production of 5 billion cubic metres.
Hugh McIntosh, General Director of TNK Vietnam added:
“I am confident that with strong talent and capability, we will sustain an enviable reputation for TNK in Vietnam, whilst creating a new chapter of business growth.”
Also at the press meeting, Einchcomb announced that the company would contribute a state-of-the-art, fully equipped ambulance vehicle to the Le Loi General Hospital in Ba Ria Vung Tau. The coastal province of Ba Ria Vung Tau is home to TNK Vietnam’s major operations, including the Lan Tay Platform, where natural gas and condensate are produced, the Nam Con Son pipeline and terminal, and the Phu My 3 power plant.
TNK-BP is one of the largest vertically integrated Russian oil and gas companies. In 2011, average daily oil production totaled 1.99 million barrels per day (including a 50% interest of Slavneft and Venezuela assets). TNK-BP operates five refineries (four in Russia and one in Ukraine) and nearly 1,388 branded retail outlets (including Ukraine and Belarus).