TNK-BP in the news

The size of corporate pensions for employees of TNK-BP may significantly grow. A unique new pension program will be launched on January 1, 2008 at the township-forming enterprise of TNK-BP. The company will participate on parity basis with every employee in accumulation of future pensions.

Tyumen State Oil and Gas University, JSC TNK-Management, and Royal Holloway and Bedford New College at University of London signed an agreement of cooperation aimed at establishment of an advanced training center for specialists in the field of geology and geophysics.

The Board of Directors of the OGK-1 approved the decision to establish its 100% subsidiary – a closed joint-stock company “Nizhnevartovskaya GRES” (Nizhnevartovsk Power Plant), says the press release of the company. OGK-1 will be the sole owner of the Nizhnevartovsk Power Plant. The authorized capital of the power plant will be 5,806,456,876 rubles in shares of 1 ruble each. OGK-1 will pay the authorized capital using the property of the power plant.

TNK-BP started signing long-term (three-year) contracts for supply of gas to customers, said Alexander Berezikov, Vice President BP for Marketing, Supply, Trading and Transport of Gas and Condensate, TNK-BP Management, at the forum “Russian Gas” organized by the Russian Gas Society.

TNK-BP is going to increase its gas production in 2008 by 14% compared to 2007 up to 16 billion cubic meters, said Alexander Berezikov, Vice President BP for Marketing, Supply, Trading and Transport of Gas and Condensate, TNK-BP Management, on the sidelines of the Fifth International Forum “Russia Gas–2007.”

TNK-BP has won two major awards at the European Supply Chain Excellence Awards 2007, which recognise organizations that have achieved the highest standards in supply chain management throughout Europe.

TNK-BP has been named “Company of the Year – 2007” as part of the annual competition organized by the business weekly Kompaniya. TNK-BP received the top award in the category “Fuel and Energy Complex” for the successful implementation of its large-scale associated gas program.

JSC “Vercknechonskneftegas” (VCNG) plans to invest 13 billion rubles (US $521 million) in development of the Verkhnechonskoe oil and gas condensate field in 2008, which is 62.5% greater than the expected investment volume this year, stated the company’s General Director Mugammir Galiullin at a press conference on Tuesday.  He noted that the company will direct $122 million toward drilling work next year, while it is planned to spend $78 million on drilling in 2007.  Vercknechonskneftegas will invest almost all the remaining money in creation of infrastructure (including construction of an oil pipeline).

TNK-BP is planning to sell an additional 25 billion cubic meters of dry lean gas obtained from casinghead gas in 2012—2020, declared TNK-BP Deputy Executive Director, Gas Business Development, Alastair Ferguson at the international conference “Utilization of Casinghead Gas in Russia” held on October 9 in Moscow.