Mark Berniker
OGJ Correspondent

NEW YORK, Jan. 20 -- While most Russia-watchers have been concerned about the recent OAO Yukos investigation and subsequent unraveling of the company's proposed merger with rival Russian giant OAO Sibneft, TNK-BP has quietly been going about its business and is poised to capitalize on potentially explosive energy growth in Russia over the next decade.
BP PLC's $7.7 billion investment for half of what would become TNK-BP, as of September 2003, marked the largest single foreign investment in a Russian company in history.
Analysts say the TNK-BP deal spurred talk of the Yukos-Sibneft deal, and increased interest in Russia from the likes of Exxon Mobil Corp., ChevronTexaco Corp. and other major oil and natural gas companies.

"The asset base is mature, but not like the North Sea or Gulf of Mexico. We are looking to transform some of these assets," said Bob Dudley, the American president of the Russian-British energy company, in a recent interview with OGJ. TNK-BP already has nine major oil producing areas, five refineries, and six prospective upstream assets scattered all over the Russian territorial expanse.
While many have been concerned about the circumstances leading to dissolution of the YukosSibneft merger, Dudley remains bullish on Russia.
"The current uncertainty hasn't affected our day-to-day operations or our plans at all," added Dudley, alluding to the company's ambitious plans for a natural gas pipeline network across Russia traversing into China and potentially reaching other Asian markets, including South Korea, in the future.