TNK-BP to Continue Developing Uvat Fields, Increasing Reserves

TNK-BP intends to continue implementation of the project for development of the Uvat fields in the Tyumen Region despite the world financial crisis that has already had its adverse impact on the company, Oleg Chemezov, Vice President of TNK-BP and Director of TNK-BP Siberia, TNK-BP's branch in Tyumen, said to the Russian Information Agency (RIA).

"Establishment of a new oil production center in Uvat will retain its high priority for TNK-BP. We will continue producing oil, increasing our reserves, building winter roads and oil-gathering centers, and constructing a pipeline that will connect new fields with the trunk pipeline. The world financial crisis, which has already affected our company, will not impede development of the Uvat project," said Oleg Chemezov.

Chemezov noted that TNK-BP Siberia has switched to austerity economy and is now drawing up its budget for 2009.

"However, we will do our best to avoid staff reduction, because the personnel is our main and most important resource. Apart from that, we are not going to give up our internal social projects. A ceremony for initiation of young specialists of TNK-BP into oilmen will soon be held in Tyumen, and a traditional New Year matinee will be organized for children of all our employees," said the Vice President of TNK-BP.

Currently, the company is annually producing approximately 1.5 million tons of oil in the fields of the Uvat project and is going to increase its oil production in the Uvat fields up to 2 million tons in 2009. The license areas of TNK-BP in the Uvat region cover more than 26,000 square kilometers, and its production reserves exceed one billion tons of oil. The company is now developing 15 license areas in this region, in which 21 oilfields have been discovered so far.