TNK-BP intends to double gas production rates next 5 years.

TNK-BP intends to double gas production rates next 5 years. The company's expanses will grow on 10-15% annually, says Maxim Barsky the TNK-BP Deputy Chairman in an interview to "Russia 24" TV channel at the St. Petersburg International Economic Forum. According to him, there is a rise in gas consumption and the company expects a consolidation of the gas assets. M. Barsky says that the company has got a gas project named "Rospan," where the gas production rates make over 13 billion of cubic meters and it is already planned to increase up to 18 billion of cubic meters. TNK-BP is looking forward to purchase new natural gas assets in addition plus to invest into its own international hydrocarbon assets.

TNK-BP capital expenditures will continue to grow on 10-15% annually. The company's Operating cash flow makes 10 billion of dollars and 4 billion of them belong to the expanses rates. Having a good company's conjuncture it will be able to increase these levels on 10-15% annually. The oil giant intends to invest about 500 million of dollars into expanding of generation capacity. Besides it will available to raise dividends, adds M. Barsky.

Answering an oil question, Mr. Barsky says that the "driving" factor for TNK-BP will be Russian Yamal next few years. He also adds that the company reserves on the Yamal make 1 billion of tons with available potential of 20 million of tones. However, "every single detail depends on the infrastructure," reports TNK-BP manager, adding that the company expects to get a pipeline ("Purpe-Zapolyarnoye») by 2015 - 2016.

M. Barsky has announced that TNK-BP's participation in a Brazilian project can bring the company additional 10% of the total oil production volume. According to calculations of the TNK-BP the company will receive an additional 1.5 million of oil tones in case of participation in Venezuela and Vietnam projects  says Mr. Barky, adding that plans to finish a deal connected with purchasing of Vietnamese assets during these 2 weeks.

Let's remind that TNK-BP is carrying talks with Brazilian HRT in a stake purchasing question of a hydrocarbon project.

It has been previously reported that TNK-BP plans to increase gas production rates up to 30 billion of cubic meters by 2020. According to 2010 statistic their production rates make about 13 billion of gas cubic meters and 70 million tons of oil. TNK-BP expects to increase hydrocarbon production by 1-2% in 2011.

20 June 2011
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