MOSCOW, July 24 (RIA Novosti) - The share of British oil major BP in the net profit generated by Russia-based joint oil venture TNK-BP decreased by 20.2% year-on-year in January-June 2007 to $848 million, BP said in a statement Tuesday.
BP, which holds a 50% stake in the TNK-BP, one of Russia's largest crude producers, said the JV's pre-tax profit fell 29.1% in the reporting period to $1.37 billion, and oil and gas production declined 7.5% to 922,000 barrels per day of oil equivalent.
TNK-BP is currently developing 143 oil and gas deposits in Russia. Oil output totaled more than 73 million metric tons (535 million barrels) in 2006. Associated petroleum gas production reached about 11 billion cubic meters, of which 800 million cubic meters were used for the company's own needs, and 8 billion were processed.
