TNK-BP Launches Commercial Production in the Northern Hub of the Kamennoye Oil Field in West Siberia, TNK-BP
Release Date: 2009-06-06
TNK-BP announced that the company had launched commercial production in the Northern Hub of the Kamennoye oil field in the Khanty-Mansiisk region of West Siberia at the beginning of June.
In 2009, Kamennoye will produce 1.8 million tons of crude, a 40% increase on the previous year. A significant rise in production volumes is ensured by commissioning of the northern part of the oil field.
In 2004—2008, investment in the Kamennoye project amounted to over $600 million. By the middle of the next decade, output from the field is expected to reach about 4 million tons a year. Kamennoye is one of the largest greenfield projects developed by TNK-BP with estimated recoverable reserves of 297 million tons by the Russian reserves classification.
“Development of Kamennoye reflects the value a private multi-national oil company like TNK-BP brings to the industry,” said Mikhail Fridman, interim CEO and Executive Chairman of TNK-BP, “We unlocked the potential of another complex field which will provide noticeable contribution to Russia’s oil output and create jobs and industrial contracts in the north-west of the Khanty-Mansiisk region.”
“It’s the third project in eight months that we have brought on stream despite the challenging economic and financial pressures facing the industry,” said Tim Summers, Chief Operating Officer of TNK-BP, “Kamennoye field was given a new life thanks to TNK-BP’s professional teamwork and effective technology application.”
The project has been implemented in close community engagement to increase public awareness of its social and environmental components.
* The Kamennoye oil field was discovered in the early 1960s. Its commercial production started in 1992, but then stalled due to complexity of the reservoir. After its inception in 2003, TNK-BP spent time on extensive study, analysis and planning of efficient recovery of the field reserve base. In 2006, the company established Production Unit Kamennoye to focus on the advancement of the Kamennoye project.
* The Northern hub of Kamennoye is mainly located in the flood plain of the Ob river. TNK-BP started development of the Northern hub in 2008. In the winter months, the company built three well pads, the infield pipelines, two electric substations, roads and other necessary infrastructure. In 2009, TNK-BP plans to drill c. 100 wells in the northern part of the field. Investment in Kamennoye is planned at $209 million.
* TNK-BP is Russia’s third largest oil company, 50% owned by BP and 50% owned by AAR (Alfa, Access Renova). TNK-BP also owns close to 50% of another Russian oil and gas company, Slavneft. TNK-BP accounts for approximately 16% of Russia’s production (including its share of Slavneft). SEC proved reserves (life of field basis) were 8.112 billion boe as of December 31, 2008. The company’s upstream operations are located in West and East Siberia and the Volga-Urals region. TNK-BP owns and operates five refineries in Russia and Ukraine, and retails through a network of 1,400 service stations working under the BP and TNK brands.
| Type: | NORMAL |
| Company: | TNK-BP |
| Country: | Russian Federation |