TNG Looks to Boost CAPEX in 2007

Tyumenneftegaz (TNG), a unit of TNK-BP, plans to increase the volume of its capital investments into development and arrangement of fields in the south of the Tyumen Region in Western Siberia by 33% compared to 2006. Without the cost of seismic exploration works, the volume of capital investments will exceed 2.5 billion rubles.

The increase in the volume of capital investments is associated with the expansion of production activities of Tyumenneftegaz in the license areas situated in the south of the Tyumen Region.

More than 600 million rubles will be invested into exploratory drilling, which is 1.5 times more than the target of the company for 2006.

The company will invest 59 million rubles into implementation of measures for recovery of idle wells and sidetracking.

The program of geological and engineering works (well interventions) aimed at optimization of operations and growth of the production rates of active wells is expected to consume more than 29 million rubles in 2007. For comparison, the volume of capital investments into geological and engineering works (well interventions) in 2006 will amount to approximately 27.7 million rubles.

Investments into geological exploration works in 2007 will grow 2.7 times compared to 2006 and exceed 819 million rubles.

Seismic exploration works in the Kalcha and North-Demyansk license areas will continue in 2007, including 3D works on a total area of 300 square kilometers and 2D works along a total perimeter of more than 1000 kilometers. Investments into seismic exploration works will double in 2007 compared to 2006 and amount to approximately 260 million rubles.

Tyumenneftegaz is going to intensify geological exploration works in the North-Demyansk field, which is currently under pilot development. A new oil deposit was discovered in this field in 2006.

Three oil beds were identified in the North-Kachkarsk exploration area during the drilling of well No.86, which is currently under tests.

The company is going to continue infrastructure construction works for development of oil production in the Uvat Region.


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