OREANDA-NEWS. January 30, 2012. TNK-BP has devised its own system for monitoring and evaluating potential overseas ventures to enhance the efficiency and minimize the risks and decision making of the Company’s expansion beyond its core markets, reported the press-centre of TNK-BP.

TNK-BP’s New Ventures Department, part of the Upstream segment, carries out a comprehensive evaluation of projects on the market using key parameters such as geophysics, geology and development metrics and utilises third-party analysis as a backup tool. Company experts put together an assessment of possible risks and a system for managing uncertainties, modeling each of the project’s variables, including potential drilling, infrastructure and field operation costs. This type of evaluation is particularly relevant for offshore ventures.

Chris Einchcomb, TNK-BP’s Vice President, International Projects and Exploration, said: “TNK-BP is looking closely at opportunities for expansion in countries where it is already active - Vietnam and Venezuela. We’re studying potential overseas ventures from the perspective of TNK-BP’s Russian assets, analyzing possible synergies and technologies. We now carry out integrated project evaluations in-house and use the investment banks’ models, for example, only as a additional option”.