Contractors Unlimited

Contractors Unlimited
Snapshot

TNK-BP

TNK-BP is a Russian oil company and is among the top ten privately-owned oil companies in the world in terms of crude oil production. The company was formed in 2003 as a result of the merger of BP's Russian oil and gas assets and the oil and gas assets of Alfa, Access/Renova group (AAR). BP and AAR each own 50% of TNK-BP. The shareholders of TNK-BP also own close to 50% of Slavneft, a vertically integrated Russian oil company.

TNK-BP is a vertically integrated oil company with a diversified upstream and downstream portfolio in Russia and Ukraine. The company's upstream operations are located primarily in West Siberia (Khanty-Mansiysk and Yamalo-Nenets Autonomous Districts, Tyumen Region), East Siberia (Irkutsk Region), and Volga-Urals (Orenburg Region). In 2007 the company produced on average 1.6 mboed. Including its 50% share in Slavneft, average production was 1.8 mboed.

The independent audit conducted by DeGolyer and MacNaughton confirmed that as of 31 December 2007 TNK-BP's Total Proved Reserves were 8.225 bn bbl of oil equivalent, applying SEC methodology on a life of field (LOF) basis. Proved Reserves constitutes a Total Proved SEC (LOF) reserve replacement ratio of 179%.

Under PRMS (formerly SPE) criteria, Total Proved Reserves were 9.982 bn bbl of oil equivalent. This represents a Total Proved PMRS reserves replacement ratio of 297%.

TNK-BP controls 675 thousand bbl/day in installed refining capacity, with principal refining assets located in Ryazan (near Moscow), Saratov (Volga-Urals), Nizhnevartovsk (West Siberia) and Lisichansk in Ukraine.

The company is developing a number of oil and gas fields with considerable power consumption in the Tyumen region. TNK-BP implements a large-scale program of associated petroleum gas utilization program which aims to increase APG utilization to 95% by 2011. Investments under the program will amount to c. $2 billion.

TNK-BP operates a retail network of approximately 1,600 filling stations Russia and Ukraine working under the BP and TNK brands. The company is one of the key suppliers to the Moscow retail market and is a market leader in Ukraine.

TNK-BP is headquartered in Moscow and is governed by a multinational management team with experience of working in over 50 different countries.

TNK-BP employs approximately 65,000 people, mostly located in eight major areas of Russia and Ukraine.

Last updated: 13/01/09

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