TNK-BP Steps Up Exploration Budget

TNK-BP announced that the company plans a significant increase of 37% in exploration drilling volumes in 2010. The number of planned exploration wells to be drilled will reach 60, out of which 37 are intended to be completed. Key operations will take place in the Orenburg and Tyumen regions, Khanty-Mansiysk and Yamalo-Nenets Autonomous Districts. This signals a return of TNK-BP to the pre-crisis exploration works rates.

"In 2009, our exploration success rate was 74% rate which is an industry-leading achievement. This year our exploration budget has increased threefold and exceeded 400 million dollars which will enable us to step up our exploration activities and help support a successful replacement of our production with new reserves. We successfully maintained over 100% replacement the past six years," said Francis Sommer, Executive Vice President, Technology, TNK-BP.