Company news in June 2004 | |||
TNK-BP to Export 50% of Produced Crude Oil in 2004
In 2004, TNK-BP, a Russo-British petroleum company, is going to maintain the practice of exporting over 50% of produced crude oil, writes a corporate magazine Insight TNK-BP with reference to the company''s President Robert Dudley. According to data cited in the magazine, TNK-BP''s export came to 52% of its production in 2003. Mr. Dudley said that keeping export at the achieved level is required to maximize the company''s income from crude oil sales. The company is still going to enhance its economic efficiency, in particular, by curtailing costs of crude oil extraction by an average of 5% in 2004, said Mr. Dudley in his statement. As reported earlier, TNK-BP''s 2004 development strategy envisages a 12% increase in crude oil extraction versus 2003 (from 1.27 million bbd to 1.42 million bbd). The planned growth will only based on reserve replacement, rather than on new asset acquisition. Thus, this indicator is to reach 75% this year and to rise to 100% and more in subsequent years, according to TNK-BP''s plans. Reserves will be scaled up in all regions of the company''s presence, including a group of Uvat fields and the Samotlor field. As the statement of Mr. Dudley tells, funds required to replace reserves will in included in the total cost of prospecting by TNK-BP and is estimated at $100+ million. At present, TNK-BP''s proven reserves under SPE Standards come to some 10 billion bbl. In a mid term, TNK-BP''s reserves may increase by means of probable reserves up to 17 billion bbl, and up to 25 billion bbl by means of potential reserves in a long term.
Source: INTERFAX