TNK-BP Increases Kamennoe Oil Production

Gerhard Schroeder, former Chancellor of Germany and Independent Director of TNK-BP, in now on a working trip to Yugra. Mr. Schroeder came to Yugra to see the operation of TNK-BP enterprises in the current financial crisis conditions, the press service of the Governor of the Khanty-Mansi Autonomous Area said to a correspondent of the Regnum Information Agency.

Gerhard Schroeder visited the Kamennoe field, which is being developed by TNK-BP. He noted that this is the field where oil production is actually growing owing to the use of latest technologies. The company is going to invest $250 million into development of this field in 2009.

"This is one of the most modern fields I have ever seen," commented Mr. Schroeder. "People work there in severe conditions, and the results of their work are really impressive. I think that the worldwide recession will not thwart the development of this region. I am sure we will overcome the problems, the situation will improve, and everything will be alright in a couple of years."

According to Timothy Summers, Chief Operating Officer of TNK-BP, thirty enterprises of the TNK-BP group of companies are carrying out their activities on the territory of the autonomous area. More than 22,000 people are working at these enterprises. Over 48 million tons of oil was produced by these enterprises in 2008, which accounts for more 70% of the overall production of TNK-BP.

"In spite of the problems in the world economy, we are determined to maintain our oil production at the level of 2007. This is a difficult task, but we will do our best to work it out," stressed Mr. Summers. "We are very serious about our social obligations and are not going to reduce our staff."