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TNK-BP in brief

Among world top ten privately owned oil producers  

Headquartered in Moscow, Russia, TNK-BP was established in 2003 from the merger between BP Russia oil and gas assets and the local consortium Alfa-Access-Renova (AAR).

Created on a balanced base, BP and AAR‘s stakeholders agreed to own 50% each of the newly formed TNK-BP entity.

Through this operation, TNK-BP took hold of 50% shares in Slavneft, another local oil producing company.

As a result of this merger, TNK-BP ranked among the world top ten privately owned oil companies by volume of oil production.

TNK-BP is an integrated upstreamdownstream company with interests concentrated in Russia and Ukraine.

Upstream TNK-BP‘s activities are located primarily in:

 – West Siberia in Khanty-Mansiysk and Yamalo-Nenets Autonomous Districts, Tyumen Region

 – East Siberia in the Irkutsk Region

 – Volga-Urals in the Orenburg Region

In 2010, and without considering Slavneft, TNK-BP produced .74 million barrel of oil equivalent (boe)

Downstream, TNK-BP operates five refineries (four in Russia and one in Ukraine) and manage a network of 1490 retailers across Central Russia and Ukraine.

Managed by a multinational and multicultural team, TNK-BP delivered since the merger exceptional financial performances with the support of 50,000 people.

On October 22nd, 2012, TNK-BP is acquired by Rosneft for $55 billion

TNK-BP Key Figures

 – 2011 Revenues: $60,1 billion

 – 2010 Revenues: $44,6 billion

 – 2011 Earnings: $9,7 billion

 – 2010 Earnings: $6,2 billion

 – 2011 Capital Expenditure: $4,6 billion

 – 2010 Capital Expenditure: $3,5 billion

TNK-BP Projects and Business Highlights

If TNK-BP acquisition by Rosneft should help to develop synergies, its financial performances speak to leave TNK-BP to continue its own development and even to set some benchmark in exploration production.

Through this operation President Putin is expecting to boost the oil production in Russia; TNK-BP mobilizes 80% of its capital expenditure on upstream.

TNK-BP intends to rank among the top oil and gas companies with a dedicated strategy for upstream, downstream and natural gas with a common driver, monetize the assets.

Upstream TNK-BP’s strategy is based on the conversion of resources in reserves, then in production.

On yearly base, TNK-BP is replacing 100% of its production in finding new  reserves.

A part of the 80% capital expenditure spent on upstream goes to the exploration to located new resources to become future  reserves.

In the operating fields in West Siberia and the Volga-Ural Region TNK-BP is investing in enhanced oil recovery (EOR) techniques to maintain the plateau production of these old fields.

Then TNK-BP is exploring new greenfields projects in West and East Siberia, Timan-Pechora and Astrakhan in Russia.

Overseas, TNK-BP is involved in the Russian alliance signed with PDVSA  to develop the Orinoco Belt in Venezuela.

Downstream most of the capital expenditure are to improve operation performances and prepare to move to light oil products and low sulfur gasoline and diesel in respect with international standards.

Natural gas is offering a significant opportunity for development by the monetization of the associated gas.

TNK-BP aims at gathering and processing 95% of the associated gas produced with the oil and to monetize it through power generation.

TNK-BP signed a joint venture with the Russian utility OGK-1 to speed up this strategy through power generation projects the Kamennoye field and the Uvat project in West Siberia, as well as the Verkhnechonskoye oil field in East Siberia.

In a couple of years, TNK-BP took a positive momentum in growing fast and delivering good profits well supported by a proven expertise that should benefit to Rosneft for further development.

For more information and data about oil and gas and petrochemical projects go to Project Smart Explorer

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