Moscow, September 3, 2012 - OJSC Verkhnechonskneftegaz (VCNG - a member of the TNK-BP group of companies) is aiming to boost oil production by 40% to 7 million tonnes by the end of the current year. At a meeting with the Governor of Irkutsk Region, Sergey Yeroschenko, TNK-BP Executive Director German Khan announced that the Company is now actively expanding its production capacities and is predicting a further increase in output.
During the meeting, which was also attended by Oleg Chemezov, Vice President and Director of TNK-BP's Siberia Branch, and Sergey Fedorov, General Director, VCNG, there was a discussion of the results of collaboration between TNK-BP and the Government of Irkutsk Region under their socio-economic cooperation agreement. This year, the Company will pay roughly 7 billion rubbles into the regional budget.
Irkutsk Governor Sergey Yeroschenko stressed: "TNK-BP is one of the few companies that meets all its commitments". For his part, German Khan noted that "there is mutual understanding" between TNK-BP and the regional leadership on the issues under discussion. "By the end of the year we will sign a new document covering the next period of time", he said.
Information for editors:
TNK-BP owns 74% of OJSC Verkhnechonskneftegaz (Rosneft owns 25.94%). The field is located in the north of Irkutsk Region, 1,100 km from Irkutsk city, and is operated by around 4,000 employees of VCNG and contractor organizations. Oil is supplied via the East Siberia - Pacific Ocean pipeline system. In 2011, the field produced 5 million tonnes of oil.
TNK-BP is one of the biggest players on the Russian goods and services market, with an annual contracting budget of over 200 billion rubles. The company is committed to following the best international standards of business conduct. While consistently implementing measures to combat corruption and unfair competition, TNK-BP demands the same from its suppliers and contractors.
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-BP International and the company's consolidated subsidiaries" unless the context requires a different reading.
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