TNK-BP Comments on Russian Fuel and Energy

"Capital investments into the Russian fuel and energy complex should amount to at least $20 billion a year", said Anthony Considine, Executive Vice President, Downstream, TNK-BP, in his speech at the international oil forum "Oil of Russia: Present and Future" in Moscow on Friday.

"Investments of at least $20 billion a years will be required even before development of major shelf projects," he added.

According to Mr. Considine, one of the main problems of the oil industry is maintenance and growth of production in fields. He holds that "the fields of East Siberia have a great prospects for the near future." At the same time, he emphasised that growth of production has slowed down since 2005. Maintenance of the production level will require introduction and use of new technologies.

Moreover, the oil industry of Russia will have to advance into new provinces in the near future. New projects are expected to be developed and implemented in East Siberia, Far East, and the shelf of arctic seas, which will require considerable investments." Mr. Considine also noted that the oil industry is now facing serious problems with advanced technologies and qualified human resources with "rapid ageing of professionals and lack of new forces."

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Posted 23/11/06

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