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Tuesday, 07 October, 2008, 20:20 GMT | more prices >>

TNK-BP rides high with reserves booster



By Upstream staff 

Russia’s TNK-BP replaced its oil and gas reserves by 179% last year, the fifth straight year that the company has added more reserves than it has produced.

TNK-BP, which is half owned by BP, told Reuters that the total proved reserves stood at 8.225 billion barrels of oil equivalent, under the US Securities & Exchange Commission’s methodology on a life-of-field basis.

Under the less rigorous criteria of the Petroleum Resources Management System formerly known as the Society of Petroleum Engineers, total proved reserves stood at 9.982 billion boe, giving a replacement ratio of 297%.

TNK-BP produces around 1.4 million barrels per day or around 510 million barrels of oil per year. BP relies on TNK-BP for a quarter of its output. TNK-BP said its reserve replacement stood at 129% in 2006, 137% in 2005, 127% in 2004 and 133% in 2003.

"The main drivers behind TNK-BP's strong reserve replacement figures were targeted drilling, wellwork activity and improved waterflood response; sidetracking of old wells and new drilling in the Samotlor field were particularly successful in accessing new reserves," Reuters quoted the company as saying in a statement.

Samotlor is TNK-BP’s main asset in West Siberia.

"For the first time, reserves from some of the company's new greenfield projects have been included in these proved reserves figures," the company said, adding that the main additions came from the Verkhnechonsk field, in East Siberia, and two fields in the Uvat region of West Siberia.

"These projects and other new projects in TNK-BP's portfolio, will continue to add significant proved reserves in future years," the company added.


Wednesday, 02 April, 2008, 17:38 GMT  | last updated: Wednesday, 02 April, 2008, 17:38 GMT

Prized asset: the Samotlor field
 

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