TNK-BP Keen to Expand Business in Middle East

TNK-BP is not giving up plans on expanding its business outside Russia, a source close to the company says. The company is studying opportunities for developing prospective oil and gas projects in a number of major producing countries, including Iraq, Yemen and Jordan in the Middle East.

At the moment TNK-BP does not have any assets or projects in those countries, but is keen to establish presence in the region in the future. "They are looking for international business opportunities which will increase the value of the company’s existing portfolio," the source added.

In 2008, TNK-BP and PDVSA, the state oil company of Venezuela, signed a Joint Study Agreement for Ayacucho-2 block in the Orinoco Oil belt in Venezuela. The company also holds negotiations on developing business in Kazakhstan, Turkmenistan and Ukraine.