TNK-BP to up Verkhnechonskoye oil field investments 30% in 2011
IRKUTSK. March 22 (Interfax) - TNK-BP will invest 18 billion rubles in the development of the Verkhnechonskoye oil field in Irkutsk Region this year, 29.6% more than the 13.89 billion rubles worth of capital investment the company made last year.
"Absolutely, this project requires significant investment. We are going to invest 18 billion rubles this year alone, with the intent of virtually doubling extraction to 4.7 million tonnes," deputy TNK-BP CEO Maxim Barsky said Tuesday after the signing of an agreement on socioeconomic cooperation between the company and region.
TNK-BP materials indicate that investment in the Verkhnechonskoye project will increase to 21 billion rubles (16.6% from this year).
Subsidiary OJSC Verkhnechonskneftegas accounted for 3% of TNK-BP's overall production volume, Barsky said, but the figure will increase to 10% by 2013. That will make TNK-BP one of the biggest taxpayers in Irkutsk Region, he said.