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TNK-BP to Invest Over $60 Million Into West Siberia Water Shutoff Program by 2014


ТNК-ВР will invest over $60 million to implement a 3-year water shutoff technology program, which is expected to cut the cost of producing ‘challenged’ oil reserves in West Siberia.

Designed to address mature assets with high watercut, the program will help reduce water production by 60 million cubic meters and slash power consumption by 460 million kilowatt-hours by 2014. Its first phase includes 10 pilot projects and over 100 shutoff jobs to be completed in 2012 that will cost over 4$ million.

“New technologies will improve performance of the system by cutting costs, extending service life of wells, equipment and infrastructure. Development of challenged reserves depends directly on our capability to deliver commercially robust projects by optimizing costs. The West Siberia Water Shutoff Program is critical to ensure sustained production in this region”, said Eric Liron, Vice President, Wells, ТNК-ВР.

TNK-BP is Russia’s third largest oil company and is owned by BP and the AAR consortium (Alfa Group/Access Industries/Renova) on a parity basis. Additionally, TNK-BP owns approximately 50% of the Russian oil and gas company Slavneft. TNK-BP’s share in Russia’s oil production (including its share in Slavneft) is about 16%. The Company’s total proved SEC LOF reserves are 9.115 billion BOE as of December 31, 2011.

References to “TNK-BP” or “the Group” mean “TNK-BP International and the Company’s consolidated subsidiaries” unless the context requires a different reading.

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