TNK-BP to invest $700MM+ in power generation upgrades in 2010-12

TNK-BP said it plans to invest in excess of $700 million to construct, upgrade and reconstruct its captive power generation facilities in the forthcoming three years. The funds will be mostly spent to construct and upgrade gas turbine power plants and power grids.

The key objective for TNK-BP is to substantially increase the share of captive power generation and grow the volume of associated petroleum gas utilization. In parallel, the company will minimize the risks associated with power shortages in oil production regions and high price volatility in the power market. As part of the strategy, in the forthcoming two years, TNK-BP intends to construct gas turbine power plants at the Van-Yoganskoe field located in the Nizhnevartovsk region of the Khanty-Mansiysk Autonomous District (with an installed capacity of 37 MW), and at Uvat fields in the Tyumen region (with a total capacity of up to 70 MW). Power plants projects are also considered for the Orenburg region (400-800 MW) and for Yamal fields (with a total capacity of up to 264 MW).

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