OREANDA-NEWS. February 06, 2013. TNK-BP announces that OJSC Nizhnevartovskoe Neftegazodobyvayuschee Predpriyatie (a TNK-BP Group company) has won an auction for development rights to the Yuzhno-Uzunsky subsoil block (estimated C1+C2 reserves – 1.4 million tons), reported the press-centre of TNK-BP. 

By the end of 2013, the Company will perform a detailed analysis and evaluation of the block’s reserves before deciding whether to carry out further exploration work at the field. According to preliminary estimates, development drilling at Yuzhno-Uzunsky will begin in 2015.

TNK-BP is constantly working to grow its resource base, both by expanding its asset portfolio and through additional exploration work. Its exploration spend in 2012 was in excess of ГЫВ500 million, or 43% more than the year before. As at December 31, 2011, the Company’s reserve replacement ratio was 145% of production during that year and its SEC LOF proven reserves amounted to 9.115 billion barrels of oil equivalent.

“Efficient reserve replacement is one of TNK-BP’s strategic objectives. Expanding the asset portfolio and developing prospective resources not only enables the Company to maintain its target production level, but also lays the foundation for efficient long-term growth,” said Sergey Karavaev, General Director, OJSC Nizhnevartovskoe Neftegazodobyvayuschee Predpriyatie.