OREANDA-NEWS. July 31, 2007. TNK-BP will maintain the current level of production until 2009, said Robert Dudley, President of TNK-BP.

“The assets of TNK-BP are among the most depleted in Russia. Introduction of new fields currently being developed by TNK-BP will take some 6–7 years. These projects, in particular the Uvat project, will start working in 2009,” added Mr. Dudley.

The President of TNK-BP stressed that it will be very difficult for the company to maintain its production at the level of previous years until 2009.

Mr. Dudley noted that TNK-BP is aiming at 100% replenishment of its reserves: “In 2007, we would like to ensure 100% replenishment of our assets with new reserves. I hope that the replenishment percentage will be higher in the following years of this decade.”

According to Mr. Dudley, TNK-BP has excellent international characteristics and experience, which open up prospects of working on new markets, such as Kazakhstan, Turkmenistan, and other countries.

“It is too early to discuss it now. We have not decided yet which major projects outside Russia and Ukraine to invest to, but this theme (entering new markets – Interfax) is quite relevant nowadays. We have already communicated some of our ideas with the Board of Directors. These ideas may find their way to the annual and five-year plans of the company, which will be approved in September and November,” added he.

The President of TNK-BP did not rule out a possibility that the company will join partner projects in some 3–5 years. “Participation in partner projects means sharing of their risks, which could be good for us. Our partners may be Russian companies or, in certain cases, international partners,” emphasized he.

In 2006, TNK-BP increased its oil and gas production by 3% up to 620 million barrels of oil equivalent (not including the production volume of Slavneft, 50% of which is owned by TNK-BP).