TNK-BP

Latest TNK-BP News

• Underlying replacement cost profit, adjusted for non-operating items and fair value accounting effects, was $4.8 billion for the quarter, compared to $5.0 billion in the previous quarter.
• During the quarter, BP made payments of $1.5 billion to the $20 billion Trust, including $250 million following settlement with Cameron.
• BP reported oil and gas production, excluding TNK-BP, in the first quarter of 2.45 million barrels of oil equivalent a day (boe/d).

• Subsea UK has marked its Aberdeen annual conference and exhibition as the most successful after attracting a record number of visitors reaching over 3,000 at this year's Subsea 2012 - an increase of 700 on last year.

• TNK-BP and the government of Tyumen Region have signed a protocol to their Strategic Partnership Agreement, confirming the parameters of interaction between the company and the region in 2012.

• HRT is pleased to have TNK-BP as its partner in the Solimoes and confident that together we will be able to maximize the value of that asset and mutually benefit our companies.

• BP is to exit the Sakhalin-5 gas project,and Russian state oil company OAO Rosneft will continue working on it.
• Rosneft agreed in January with BP to a $16-billion share swap and development of three Arctic offshore licenses.

• TNK-BP is to invest $10bn in Arctic oil fields to Chinese markets by 2016.
• The 300-mile pipeline will unlock the potential of the Arctic oil fields.

• LUKOIL would partner with Vietnam's Petrovietnam in exploring oil and gas at home and abroad.
• LUKOIL signed a memorandum of understanding with Vietnam's state oil and gas group in Moscow on Thursday. The Russian group and Petrovietnam would share information on potential exploration blocks and exchange results.

• Farm-in agreement, transfer of 45% interest in concession rights signed.

• TNK-BP is a major vertically integrated Russian oil company.
• It is Russia's third largest oil producer and among the ten largest private oil companies in the world.
• TNK-BP is Russia's third largest oil company in terms of reserves and crude oil production.

• TNK-BP outlines the company's strategy and outlook for the next ten years which will see an investment of $45 billion in oil extraction and a further $4 billion in oil refining
• TNK-BP is aiming to ramp up production to anywhere between 40 to 90 million barrels of oil a year from its overseas assets, while West Siberia output declines
• Yamal Peninsula project in the Russian Arctic in particular will be under focus for production increase

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