OREANDA-NEWS. February 21, 2012. TNK-BP and the Krasnoyark Krai Government signed a cooperation agreement for 2012, according to which the company will invest at least 3 billion rubles in 2012 into development of infrastructure and implementation of production projects in the region, reported the press-centre of TNK-BP.

Currently, TNK-BP is implementing one of the largest investment projects in the region – development of the Suzunskoe and Tagulskoe fields, with total investments of approximately \\$6 billion. TNK-BP is going to start commercial supply of oil from the Suzinskoe field in 2016 and has committed to consistently build up production of hydrocarbons in the region in the mid- term perspective.

Oleg Chemezov, Vice President of TNK-BP, said that the agreement will allow the company to continue implementation of the key investment programs, such as, in particular, the OIL project in Krasnoyarsk Krai. “This will help us involve local producers and service providers into implementation of these programs and ensure sustainable social and economic development of the region,” added he. “We are absolutely sure that transparence of all contracting processes and construction of open and honest relations with our current and potential business partners is obligatory for our successful development.”

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TNK-BP is the third largest oil company of Russia owned on a parity basis by BP and the AAR Consortium (Alpha Group, Access Industries, and Renova). TNK-BP owns about 50% of the Russian oil and gas company Slavneft. TNK-BP’s share in Russia’s oil production, including its share in Slavneft, is approximately 16%. As of December 31, 2010, the total proven SEC life-of-field (LOF) reserves of the company, estimated according to the US Securities and Exchange Commission (SEC), amount to 8.794 billion barrels of oil equivalent.