OREANDA-NEWS. April 03, 2008. TNK-BP is going to invest \\$60 million into development of the Russkoe field in the Yamalo-Nenets Autonomous Area, said Sergey Brezitsky, Executive Vice President, Upstream, TNK-BP, to the press.

According to Mr. Brezitsky, two horizontal wells drilled in the field are already producing oil at a rate of approximately 150 tons a day.

A third horizontal production well and another exploration well into the Achim horizons are being drilled now.

The Vice President admitted that the reserves of this field may be re-estimated: “The volume of reserves will hardly increase, but their quality may turn out to be better.”

Mr. Brezitsky noted that the company is negotiating with Transneft on sending rather viscous oil into its oil transportation system” “We requested technical specifications and terms for reception of our oil.”

In conclusion, Mr. Brezitsky pointed out that the first results of oil production in the Russkoe field exceeded the company’s expectations: “The prospects of oil production in the Russkoe field are better now than a year ago.”

The recoverable reserves of the Russkoe field are estimated at approximately 400 million tons of oil.