TNK-BP Plans Threefold Increase in Exploration Investment in 2010

In 2010, the company will focus its exploration effort on Yamal, Uvat and the Orenburg region as well as Timan-Pechora and the Astrakhan region. Geologists will be mainly engaged in seismic exploration and increasing the drilling volumes (expected to be 40% higher than 2009).
TNK-BP is one of the major consumers of seismic data. In 2010, allocation for seismic activities will exceed USD 180 mln, out of which 80% will be allocated for 3D seismic. In 2010, 6,500 square kilometers will be covered by 3D seismic survey and 6,000 by 2D seismic survey.
3D seismic exploration helped to confirm and grow the company’s reserve potential, including the reserve estimate of Uvat project and of the Verkhnechonskoye field, start development of the company’s licences in Yamal, and see the bypassed reserves in the Orenburg region. For the last three years, the company’s exploration success rate has exceeded 70% which is an industry-leading achievement.    
“A team of qualified professionals is a major competitive advantage of TNK-BP. Our geologists implement a major strategic task, supporting sustainable production growth and a continuous reserve replacement which leads to growing the company’s value. Effective exploration and growth of new reserves benefits not only long-term targets of TNK-BP, but also helps to uncover a huge hydrocarbon potential of Russia,”- said Bill Schrader, Chief operating officer of TNK-BP.