OREANDA-NEWS. June 5, 2012. TNK-BP informs that LLC Buguruslanneft, incorporated into the TNK-BP Group of companies, is going to build up oil production in the Barsukovskoe field of the Orenburg Region by commissioning eight wells and putting them into operation in 2012.

Currently, Buguruslanneft is drilling four wells. The Barsukovskoe field was discovered in 1979, and its recoverable reserves of category ABC1 are estimated at 756,000 tons as of January 1, 2012. Commercial production of hydrocarbons in the field was started in 2007. 75,000 tons of oil was produced in the field last year.

“We have obtained good results in four of the planned eight wells and are going to build up production tangibly in the Barsukovskoe field by increasing the flow rates of wells by over 200 tons a day,” said Igor Kristian, General Director of LLC Buguruslanneft.

TNK-BP is Russia’s third largest oil company and is owned by BP and the AAR consortium (Alfa Group/Access Industries/Renova) on a parity basis. Additionally, TNK-BP owns approximately 50% of the Russian oil and gas company Slavneft. TNK-BP’s share in Russia’s oil production (including its share in Slavneft) is about 16%. The Company’s total proved SEC LOF reserves are 9.115 billion BOE as of December 31, 2011.

References to “TNK-BP” or “the Group” mean “TNK International and the Company’s consolidated subsidiaries” unless the context requires a different reading.