Moscow, April 25, 2012 – Varyoganneftegaz (a member of the TNK-BP Group) will carry out a large-scale wellwork program in 2012 with an effect of production growth by more than 1 mln tonnes, which is 25% higher than the same figure of 2011.
The company plans to reactivate idle wells and improve active well stock production performance by implementing a package of process solutions that include fracturing, bottomhole optimization, water shut-off, well chemistry and sidetracking. As of today, the production stock of Target Subsidiary Varyoganneftegaz (VNG) includes ca. 2,200 wells. Pursuant to the business plan, the wellwork program is to provide more than 14% of the total VNG production volume in 2012.
‘Wellwork is a key driver of brownfield production performance improvement. We commission about 100 new wells each year. In addition to that, VNG will carry out 30 sidetracking jobs for subsequent commissioning of idle stock wells in 2012’ said Alexander Dodds, TNK Executive Director and Executive Vice President, Upstream.
TNK-BP is Russia’s third largest oil company and is owned by BP and the AAR consortium (Alfa Group/Access Industries/Renova) on a parity basis. Additionally, TNK-BP owns approximately 50% of the Russian oil and gas company Slavneft. TNK-BP’s share in Russia’s oil production (including its share in Slavneft) is about 16%. The Company consolidated subsidiaries’ total proved SEC LOF reserves are 9.115 billion BOE as of December 31, 2011.
References to “TNK-BP” or “the Group” mean “TNK-BP International and the Company’s consolidated subsidiaries” unless the context requires a different reading.
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