TNK-BP Boosts Production, Reserves
Russia's TNK-BP reported results for 2012 Thursday in which the firm revealed that its oil and gas production increased by 1.8 percent during the year to 2,023 million barrels of oil equivalent per day. The firm said that its total proved reserves reach 9.8 billion barrels of oil equivalent, representing a 210-percent reserve replacement ratio.
Chief Financial Officer Jonathan Muir commented in a statement:
"We have been successfully moving our Yamal greenfields to the execution stage, with Suzunskoye the first field ready for launch and the Rospan natural gas project moving to Phase 1 full-field development."
Muir added that all of TNK-BP's international projects showed "positive momentum" with incremental production being achieved in Vietnam and Venezuela, along with gas discoveries in Brazil.
"We continue to focus on business fundamentals and bottom line enhancement and will carry out our operations safely and with minimum damage to the environment," he said.
The takeover of TNK-BP by Rosneft is scheduled to be complete by the end of this month now that the Russian state oil company has bought out BP and the Alfa-Access-Renova consortium, which together previously owned the business.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 32 Offshore Rigs
- BP Returns To Solar With Investment In Lightsource (Dec 15)
- BP: 2017 'Massive' Year for Global Upstream Projects (Dec 07)
- BP Seeks Stake In Cairn Energy Senegal Assets (Nov 20)
Company: Rosneft more info
- Russia's Rosneft Signs Oil Supply Deal With Greece's Motor Oil (Nov 20)
- Eni Looks To Strengthen Ties With Rosneft, Maybe In LNG (Oct 19)
- Kremlin Oil Major Piles Up Investments In Iraq's Kurdistan Amid Crisis (Oct 18)
Company: TNK-BP more info
- Rosneft Board Member Rejects Criticism of TNK-BP Buyout (Oct 04)
- Rosneft: TNK-BP Integration 'Mostly Complete' (Jun 20)
- TNK-BP Acquisition Boosts Rosneft's 1Q Production (Apr 30)