OREANDA-NEWS. On February 08, 2007 Timothy Summers, Chief Operating Officer of TNK-BP, said on a briefing that commercial development of the Verkhnechonsk field will start in late 2008, reported the press-centre of TNK-BP.

According to the Chief Operating Officer, the company is going to produce approximately 3 million tons of oil a year in near future, and the peak of oil production in the field may reach 7–8 million tons a year. The production level by 2011, said Mr. Summers, will depend on the economic efficiency of the field and the ratio between expenses and results of drilling in the field. Currently, the well stock of the field consists of 25 production wells, and this number is expected to grow up to 45–50 by the end of this year. The decision on increasing the well stock to a maximum of 600 wells will hinge on the eventual efficiency and cost of wells. The cost of well drilling is estimated at $3–5 million.

The Chief Operating Officer said in addition that the company is going to finish the construction of a 90-km oil pipeline that will connect the Verkhnechonsk field to the pipeline system of Transneft. In case the completion of the East Siberia–Pacific Ocean oil pipeline by Transneft is postponed to late 2009, oil produced in the Verkhnechonsk field will be transported in the western direction.