TNK-BP Arctic Investments

TNK-BP is planning to invest $4 billion during the next three years to develop Arctic oil and gas fields. The intention is to compensate the natural decline of production from the aged Russian fields.

“TNK-BP is developing four oil fields in Northern Russia’s Yamal region with first oil planned in 2016 and production to reach a plateau of 15 million t/y within four or five years,” said Tom Quidley, Vice President in charge of the Yamal Oil project.

TNK-BP will spend almost $2 billion on the four oil fields during 2012 -14, with a total investment during the next 30 years of development estimated at $12 billion. 

For more information and data about oil and gas and petrochemical projects go to Project Smart Explorer

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