OREANDA-NEWS. On May 13, 2008 TNK-BP President Robert Dudley said he is confident that Russia will continue along its path towards success following the handover of presidential power to President Elect Dmitriy Medvedev. The statement was made in an interview to Petroleum Intelligence Weekly, an international oil industry analytical publication, reported the press-centre of TNK-BP.

According to Dudley, despite the handover of presidential power the review of oil industry policy will continue. “The Government has taken the first step in terms of a possible change in taxation structure. For the Russian oil industry it is very important that the decline in profitability does not stop the development of new fields and investment in infrastructure.”

Many have recently expressed doubts over Russia’s ability to repeat or even exceed the production level of 10 million barrels per day achieved last year. TNK-BP’s President takes a more optimistic view.

“Subject to successful management of the natural decline in production from mature assets and development of new fields, I think we have yet to see Russian onshore production peak”, said R.Dudley. TNK-BP currently holds 26 exploration licences, under which it will be acquiring seismic and drilling exploratory wells over the next three years. “We have lots to do, both today and in the years to come”, Dudley noted.