• Wednesday, 16 May, 2012

TNK-BP signs Yamal pipeline pact

Mode of transport: in Yamal region

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Steve Marshall , Steve Marshall , Steve Marshall , Steve Marshall

 14 December 2011 09:54 GMT

BP’s Russian joint venture TNK-BP has signed a long-term contract with the country’s oil transport monopoly Transneft for oil exports along a planned route from new field projects on the Yamal peninsula in Siberia.

It is the first oil company to sign such a transport pact for the planned Zapolyarye-Purpe pipeline - construction of which was commissioned by Prime Minister Vladimir Putin last year – that will connect Yamal fields with the East Siberia-Pacific Ocean oil pipeline.

TNK-BP aims to start oil supplies from greenfield projects in the Yamal-Nenets autonomous district and northern Krasnoyarsk region in 2016 as it targets investments of more than $8.5 billion in the Arctic frontier play. It will be the dominant supplier for the pipeline.

The company has also earmarked medium-term spending of $10 billion to build new infrastructure at the fields – Russkoye, Suzunskoye and Tagulskoye - including the construction of feed pipelines.

TNK-BP executive director German Khan said construction of the Zapolyarye-Purpe route “will open a new stage in development of the oil and gas province of Yamal and northern Krasnoyarsk region”, which he said held “abundant resources”.

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