OREANDA-NEWS. January 26, 2009. In February 2009, TNK-BP is going to launch an oil treatment system and a pipeline, the construction of which in the Uvat region is coming to completion. According to the Tyumen Line news agency, this was said by German Khan, Executive Director of TNK-BP, at the briefing after a meeting with Vladimir Yakushev, Governor of the Tyumen Region, reported the press-centre of TNK-BP.

“This event will become a cornerstone in the implementation of the Uvat project and allow us to produce fresh oil from new fields and supply it to the pipelines,” said Mr. Khan. “implementation of these plans will open clear and bright prospects for building up the oil production in the Uvat region and starting commercial development of new fields.” According to Mr. Khan, the crisis may affect the company’s plans, but this will be related to the expedience of increasing the production volume rather than the economy/ “We will act according to the market conditions and the demand and supply balance.”

“In spite of the tough economic conditions, the year of 2009 will be crucial for the Uvat project,” noted the Executive Director. “Negotiations with the Administration of the Tyumen Region corroborated the mutual satisfaction of the parties with their cooperation and implementation of the company programs in the region.”

The Uvat project of TNK-BP incorporated 12 license areas. The Severo-Denyansky, Chirpsky, Ligiyarsky, and Kalchinsky license areas are in charge of Tyumenneftegas, a 100% subsidiary of TNk-BP. The Ust-Tegussky, Urnensky, Pikhtovy, Yuzhno-Pikhtovy, and Severo-Bolotny license areas are registered to TNK-Uvat. And the Keumsky area is licensed to TNK-BP. In 2009, TNK-BP returned its licenses for development of the Ururny and Irtyshsky license areas to the Federal Agency for Management of Subsoil Use (Rosnedra).

According to preliminary estimates, the recoverable reserves of the Uvat project reach up to 200 million tons of oil. TNK-BP intends to invest 64 billion rubles into development and implementation of the Uvat project until 2010. Oil production in these fields is expected to amount to 1.5 million tons in 2009 and up to 10 million tons by 2019. TNK-BP is the third largest Russian oil company.

The company was established in 2003 by merging TNK, SIDANCO, and ONACO. In 2004, TNK-BP began its restructuring, as a result of which an open joint-stock company “TNK-BP Holding” was registered in the Tyumen Region with a charter capital of 15 billion rubles. This company consolidated most enterprises of the TNK-BP group. Consolidation of TNK-BP Holding was completed on December 19, 2005. The company explores and produces oil in Western Siberia, Eastern Siberia, the Volga-Ural region, and on Sakhalin Island.