TNK-BP to Boost Investment Program Up to $4B

The investment program of TNK-BP will be increased up to $4 billion in 2010, Viktor Vekselberg, Executive Director of TNK-BP, said to journalists.

"We will increase our investment program up to approximately $4 billion," he said.

According to him, the production growth of the company in 2010 will amount to 2-2.5%. "We are going to increase our production of hydrocarbons by 2–2.5% in oil equivalent," said he.

Mr. Vekselberg noted that the main major projects of the company in 2010 will include the Verkhnechonskoe field and fields in the Yamalo-Nenets Autonomous Area. "The Yamal projects will involve our partners in Slavneft. Our Yamal projects demonstrate good coordination between state-controlled and private companies," added he.

The Executive Director of TNK-BP said, "Mr. Sechin (Vice Prime Minister - ANI) held several meetings participated by Rosneft and Transneft for preparing a comprehensive and complex program aimed at development of fields on Yamal and pipeline construction. Yamal may become a new oil production province in the nearest 5-6 years."

Apart from that, he mentioned that in 2010 TNK-BP will develop the Uvat project in the Tyumen Region with good prospects of oil production enhancement.

Mr. Vekselberg mentioned organic growth of the company's oil production in future, which will not prevent TNK-BP from purchasing new assets. "We are looking for opportunities to purchase assets abroad," said Mr. Vekselberg, referring, in particular, to the plans of the Russian consortium in Venezuela with participation of TNK-BP.