OREANDA-NEWS. June 22, 2007. TNK-BP is going to invest approximately $1 billion every year into drilling and participate in tenders for new licenses, said Sergey Brezitsky, Executive Vice President, Upstream, TNK-BP, at a briefing on Tuesday.

According to him, TNK-BP will leave its oil production in 2007 at the same level and may increase it by 1–2% in 2008.

Mr. Brezitsky said that the investments of the Company into drilling in 2007  will amount to $1.1 billion and the Company will not decrease its investments into drilling and the volume of drilling operations in the nearest 5 years.

The Vice President noted that approximately 10% of production volume in 2009  will be provided by new projects, among which he pointed to the projects of development of the Kamennoe field, the Uvat Group of fields, the Verkhnechonsk field, and new areas of the Samotlor field.

In particular, added he, some 1.5 million tons of oil will be produces in each of the Verkhnechonsk field and the Uvat Group of fields by 2009.

Making comments on the recent decision of TNK-BP to allocate 100 billion rubles to its subsidiary SP Varyeganneft LLC for participation in tenders, Mr. Brezitsky expressed his opinion that the company will seriously take part in tenders but did not specify in which regions.

According to him, the Company has interest in all gas-bearing provinces, such as the Timan-Pechora province, the Caspian province, East Siberia, and West Siberia.

Mr. Brezitsky refused to disclose the plans of TNK-BP in Turkmenistan and only noted that the Company is considering possibilities of participating in projects in different countries, such as Kazakhstan, China, and Ukraine. Mr. Brezitsky added in this relation that TNK-BP is now developing a concept of Company development till 2020, which implies its entrance into new regions for ensuring stability and prosperity.

According to Mr. Brezitsky, in the period till 2020, the Company is going to push forward the activities of Rospan and Vanyeganneft and operation of Tyumenneftegaz in the Russkoe field. “I think will also go into other fields,” added he.

Mr. Brezitsky noted that in winter 2008 the Company will begin industrial development for fields in the Bolshekhetskoe depression and start production there after 2010.