TNK-BP Produced 2.8 Times More Oil at Verkhnechonskoye Field in the 1st Quarter 2010

The production growth was mainly achieved by increasing the number of production wells.
TNK-BP plans to mobilize the fifth drilling rig in autumn 2010, as part of its program to increase the scopes of drilling at Verkhnechonskoye field. The effect of its operation may exceed 500,000 tonnes of oil by 2013.
“Verkhnechonskoye has a very complex geological structure, and TNK-BP applies state-of-the-art exploration technologies, in particular 3D seismic, at this field. Our survey allowed identifying optimal well locations for efficient drilling. In 2010 Verkhnechonskneftegaz intends to invest around $400 mln in the development of this field and focus on drilling performance”, Sergey Brezitsky, Executive Vice President, Upstream, TNK-BP, said.
Verkhnechonskoye field is the largest oil field in East Siberia. It was brought into commercial operation in October 2008. In 2009, the oil production at Verkhnechonskoye amounted to 1.2 mln tonnes. 3P reserves (Proved, Probable, Possible) pursuant to PRMS methodology are 1.9 bln barrels. The field is being developed by OJSC Verkhnechonskneftegaz, which is owned by TNK-BP Holding (around 69%) and Rosneft (around 26%).