Moscow, January 27, 2012 – TNK-BP has devised its own system for monitoring and evaluating potential overseas ventures to enhance the efficiency and minimize the risks and decision making of the Company’s expansion beyond its core markets.
TNK-BP’s New Ventures Department, part of the Upstream segment, carries out a comprehensive evaluation of projects on the market using key parameters such as geophysics, geology and development metrics and utilises third-party analysis as a backup tool. Company experts put together an assessment of possible risks and a system for managing uncertainties, modeling each of the project’s variables, including potential drilling, infrastructure and field operation costs. This type of evaluation is particularly relevant for offshore ventures.
Chris Einchcomb, TNK-BP’s Vice President, International Projects and Exploration, said: “TNK-BP is looking closely at opportunities for expansion in countries where it is already active - Vietnam and Venezuela. We’re studying potential overseas ventures from the perspective of TNK-BP’s Russian assets, analyzing possible synergies and technologies. We now carry out integrated project evaluations in-house and use the investment banks’ models, for example, only as a additional option”.
Information for editors:
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 8.794 billion BOE as of December 31, 2010.
References to “TNK-BP” or “the Group” mean “TNK International and the Company’s consolidated subsidiaries” unless the context requires a different reading.
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