TNK-BP Maintains Net Income at $5 bn Despite Changing Environment; Reports Record Production in 2009, TNK-BP
Release Date: 2010-03-01
TNK-BP today reported its results for the fourth quarter and twelve months ended 31 December 2009Commenting on the results, Mikhail Fridman, interim Chief Executive Officer of TNK-BP, said: “2009 was an important year for TNK-BP. Undeterred by market volatility, the company successfully maintained its growth strategy and continued to deliver on the four promises it made at the start of the joint venture relating to production growth, technology transfer, corporate governance and social responsibility.
In production, we achieved 2.9% growth which for the first time was supported by a material contribution from our two new production centres in the Verkhnechonsk area in East Siberia and the Uvat district in the south of the Tyumen region. In addition, we demonstrated that, with the right technology, brownfield areas can continue to shine, as the company’s oil fields in the mature Orenburg region increased production by more than 6% in 2009 and we are confident will deliver further growth in 2010.
Continuous application of best technology also enabled TNK-BP to achieve a record 329% reserve replacement on a PRMS basis in 2009, giving an industry-leading 193% average reserve replacement ratio over the past six years.
Advanced technology and project management skills of our multinational team also accelerated work at greenfield licences beyond the Arctic circle in the Yamal peninsula and the north of the Krasnoyarsk region.
Good corporate governance was strengthened by a revised shareholder agreement, the active involvement of independent directors in Board activities, appointments to maintain a strong management team and selection of an independent CEO-designate who will lead the company starting from next year.
Finally, we remain a socially responsible company. The state, as our biggest stakeholder, benefited from continuous success of our operations. TNK-BP paid $16bn in taxes, duties and excises during the year, bringing our cumulative contribution to the state budget since 2004 to over $100bn.
TNK-BP became a safer and cleaner company last year with injury rates continuing to fall and progress made in environmental protection with, for example leak rates falling 11% compared to 2008.
While the global economy may give rise to more business uncertainties in 2010, we will stay focused on developing our major projects which will secure future energy supply and clean high-quality oil products to our consumers.”
| Type: | NORMAL |
| Company: | TNK-BP |
| Country: | Russian Federation |