OREANDA-NEWS. March 13, 2008.The oil company TNK-BP is going to invest more than 85 billion rubles into its projects on the territory of the Tyumen Region (without the autonomous districts). These investments are stipulated in the agreement of strategic cooperation between the Tyumen Region Government and TNK-BP.

This document signed by Vladimir Yakushev, Governor of the Tyumen Region, and German Khan, Executive Director of TNK-BP, implies that investments of TNK-BP into the region will considerably grow. In 2008, TNK-BP will invest 80.7 billion rubles into production of oil and gas (compared to 66.5 billion rubles invested in 2007), including almost 16 billion rubles for accelerated development of the Uvat fields.

Mr. Yakushev noted that the agreement of cooperation between the region and the company is being implemented successfully and the parties are fulfilling their obligations in full measure. Mr. Khan pointed out the high importance of the current stage in implementation of the Uvat project. “The project has stepped into an irreversible stage, and we are now making investments into infrastructure facilities,” said the Executive Director of TNK-BP. “Investments like these are made when the resources base is proved and the investors are confident in the economic expediency of their investments.”

The investment project for development of hard-to-recover reserves in mature and depleted fields of the Tyumen Region and hydrocarbon reserves in the Uvat District using new advanced technologies is being implemented by TNK-BP in the framework of the strategic cooperation agreement signed with the administration of the region in 2004. Development of the Uvat group of fields in the southern part of the region is in fact creation of a new oil and gas province with overall oil reserves totaling to 200–250 million tons. The production of hydrocarbons in the Uvat fields may increase up to 3 million tons by the next year and up to 10 million tons of oil a year by 2017–2018.

According to the signed cooperation agreement, TNK-BP will invest over 1 billion rubles this year into implementation of social and economic programs in the Tyumen Region. Last year, TNK-BP spent more than US$100 million in all regions of its activity for implementation of social programs, support of socially vulnerable population strata, promotion and support of education, better use of the potential of young people, protection and conservation of the cultural and historical heritage of Russia, formation of a new healthy generation, and implementation of public environmental protection programs.