OREANDA-NEWS. June 9, 2012. OJSC Orenburgneft, part of the TNK-BP group of companies, is implementing a large scale wellwork programme, with the aim of producing approximately 2.8 mln tonnes of oil.

The Company plans to operate newly drilled wells, idle production wells, and increase production efficiency of the existing well stock. Orenburgneft is applying a series of technological solutions, including include hydraulic fracturing, chemical bottom-hole treatment, water shut off, improving the work of submersible equipment, as well as sidetracking. Currently, the Company’s production wellstock amounts to 1,888 wells.

Valery Batrashkin, General Director of OJSC Orenburgneft, commented “Our wellwork programme will deliver more than 15.5% of total production volume in 2012, which is in line with our business plan.”

TNK-BP is the third largest oil company in Russia, and is an equal partnership between shareholders BP and the AAR consortium (Alfa Group/ Access Industries/ Renova). TNK-BP also owns around 50 percent of the Russian oil and gas company Slavneft. TNK-BP is responsible for around 16% of Russia’s oil production volume (including TNK-BPs stake in Slavneft). Aggregate proven reserves of the consolidated subsidiaries of the Company were 9.115 bln barrels of oil on 31 December 2011, according to SEC LOF criteria (without accounting for the length of licences).

OJSC Orenburgneft includes NGDU Sorochinskneft, and Zaikinskiye Gas Processing Plant (ZGPP). Buguruslanneft LLC is TNK-BP’s oldest company in Orenburg, where first industrial oil production began 74 years ago. The aggregate production of these companies was more than 20 mln tonnes of oil in 2011. TNK-BP group companies in the Orenburg region have 92 licensed fields.