OREANDA-NEWS. TNK-BP today announced the acquisition by TNK-BP Holding (TBH) of Occidental Petroleum’s fifty per cent equity in the West Siberian joint venture, Vanyoganneft. TNK-BP will pay approximately $485 million for the stake.

The transaction is expected to close during the first quarter of 2007 following receipt of the usual Russian regulatory approvals. Upon completion, TBH will hold 100% of the equity in the Vanyoganneft asset.

Current production from Vanyoganneft is approximately 2.2 mmtpa (45 kbd). According to the annual reserve audit of TNK-BP conducted as at December 31st 2005 by DeGolyer and McNaughton, Vanyoganneft has approximately 25 million tons (189 million barrels) of oil equivalent proved reserves and 203 million tons (1.4 billion barrels) of oil equivalent proved, probable and possible resources according to criteria established by the Society of Petroleum Engineers.