Company news in April 2004 | |||
Merged with BP, TNK Now Able to Produce Hard-to-Extract Crude
The merger with BP enabled TNK to engage BP''s financial and technological capacities for solving the objective of hard-to-lift crude production, said Mr. Sergey Prozorov, Head of the Department for Fuel and Energy and Mineral Use, Tyumen Region Administration, at a news conference on April 2. According to Mr. Prokhorov, TNK has gigantic crude and gas reserves on its balance sheet, by global and Russian measures, but, if we look at their structure, we will see that more than half of these are impossible to lift to the surface without special unique deposit-specific technologies, or that they belong to the category of low-yield deposits that require enormous investments for crude extraction.. In particular, deposits of the Uvat project, referred to low-yield ones, will be developed as part of an investment project concluded between the region''s administration and TNK-BP. Mr. Prozorov noted that, out of RUR 400 million spent on prospecting last year, more than RUR 100 million were funneled by TNK to R&D. Head of the Department for Fuel and Power believes that an excellent prospecting school took shape in Tyumen; in particular, TNK moves its R&D facilities closer to provinces where crude and gas are directly put out.
Source: Vslukh.Ru