| Add RSS Feed

TNK-BP CEO Dudley banks on Russian oil, gas growth

Oil & Gas Journal

Ambitious plans
By its own estimate, TNK-BP is already the eighth largest oil producer and ninth largest oil reserves holder among private oil and gas companies. TNK-BP is Russia's third largest oil company, with oil production now at 1.33 million b/d, up from an average 1.2 million b/d.
Western Siberia accounts for two thirds of TNK-BP's oil production, or close to 800,000 b/d in the Khanty-Mansiysk, Yamal-Nenets, Tyumen, and Novosibirsk regions. BP-TNK also produces 400,000 b/d of oil in the in the Orenburg, Saratov, Volgograd and Udmurtia areas of the Volga-Ural region.
Dudley says he expects TNK-BP's oil and natural gas production growth in Russia to reach 6-8% in 2004 and 5% in 2005.
And BP-TNK is diversified with its refineries in Russia and in Ukraine at Ryazan, Saratov, Orsk, Neizhenvartovsk, and Lisichansk. The company has a total refining capacity of 500,000 b/d. BP-TNK also has considerable marketing operations with more than 2,100 branded retail gas stations in Russia and Ukraine, and more than 20% of all Moscow retail stations.
With more than 115,000 employees in Russia, TNK-BP controls the assets of the former Tyumen Oil Co., OAO Sidanko, and BP's existing operations in Russia. The company is 50% owned by Russia's Alfa Group in combination with the Access-Renova consortium, and 50% owned by BP. The market value of TNK-BP is pegged at $15-17 billion.