TNK-BP BUYS FOUR LICENSED OIL PRODUCERS IN SIBERIA

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MOSCOW, October 28 (RIA Novosti) - The Russo-British oil major TNK-BP has purchased from Slavneft four units licensed to prospect for and recover hydrocarbon reserves in Siberia, the company reports in a press release.

The new acquisitions will make it possible for TNK-BP to recover oil and natural gas from four deposits in the Krasnoyarsk Territory and in the Yamal-Nenets and the Taimyr autonomous areas.

The Tagulskoye and the Suzunskoye oil & gas deposits are located, respectively, north and south of the Vankorskoye field, the area's largest. The predominantly gas condensate-bearing deposit Russko-Rechenskoye lies southwest of this region. Still another oilfield, the Paykhskoye, is situated at some distance from the above three assets, but in the immediate vicinity of the year-round port Dudinka.

The liquid hydrocarbon reserves (oil and gas condensate) total 115 million tons and the natural gas reserves amount to 117 billion cubic meters overall.

TNK-BP is going to invest some 6 million dollars in exploration and surveys before the end of 2004. Total investment is to top $35 million by early 2007, when test drilling is expected to start.

TNK-BP is planning a large-scale development of its newly acquired deposits in the Krasnoyarsk Territory in partnership with Rosneft and Lukoil, which also hold production assets in this area. The commercial production of hydrocarbons is to begin here in 2008, with the production levels to be gradually brought up to 13 million tons per year (250 million barrels daily).

TNK-BP ranks third among Russia's oil companies in terms of oil and gas condensate output. In the first half of 2004, it was producing 1,4 million barrels a day, on the average. TNK-BP's oil and natural gas reserves proven using SPE methods total close on 9 billion barrels, as of late 2003.

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