TNK-BP COO to Retire This Year

TNK-BP announces that its Chief Operating Officer, Larry McVay has elected to retire during the second quarter 2006, after three years in Russia. He will be succeeded in the role by Tim Summers, currently a senior BP executive.

McVay’s retirement follows a distinguished international oil industry career spanning 38 years, working respectively with Amoco, BP and TNK-BP.

McVay played a leading role in shaping the company’s operating organization through the integration period in 2003 and has successfully stewarded the company’s Upstream, Downstream, Technology and Oil Field Services streams and supply chain management since the formation of the new company. He oversaw a period of outstanding production and reserves growth, and impressive downstream results. He was instrumental in prioritizing and improving TNK-BP’s Health, Safety and Environmental operating performance and setting it on a path to meet international standards over time.

Summers has a variety of experience in operational, commercial and headquarters roles. He has held senior posts in onshore and offshore production operations, gas marketing, business development, Renewables, and E&P operations management. His work has taken him to Colombia, the Caspian region and the North Sea.

Chief Executive Officer Robert Dudley commented: “Larry has made an enormous contribution to TNK-BP, especially by bringing together the best of Russian and international technology and people to create an outstanding operating organization. As a member of our top management team he has helped build a firm reserves foundation for the company’s future and ushered in some landmark changes — in HSE, Technology, Upstream and OFS in particular. I believe the benefits of some of these changes will flow to the industry as a whole in due course.

Tim comes to us with an international track record of delivery and high performance and we look forward to his joining us during the second quarter of the year.”