TNK-BP to Invest ca. 2.5 Bln Rubles to Develop Yuzhno-Petyogskoe Field in Tyumen in 2012

The company will allocate ca. 2.5 bln rubles for exploration and production infrastructure construction this year.

Yuzhno-Petyogskoe is located in the territory of Keumskiy license area and is part of a group of fields covered by the Company’s Uvat project within Tyamkinskiy hub. The field was discovered in the course of exploration in March 2008. In 2011, the geologists made frac tests and obtained a commercial oil influx at a rate of 350 tonnes of oil per day on one of the wells, which gave an impetus to the commencement of active field development. Yuzhno-Petyogskoe has 24.2 mln tonnes of C1+C2 reserves under the Russian classification.

They already constructed a pad for the first well cluster, delivered a drilling rig, prepared a materials storage site and a helipad for MI-26 and constructed a temporary camp to commence oil production in the field.

‘We are going to drill nine development wells and one exploration well, construct an oil pipeline to the central processing facility, substations and 33 km of power transmission lines in the field this year’, said Yury Masalkin, General Director, LLC “TNK-Uvat”.