TNK-BP Will Start Industrial Development of the Ust-Tegusskoe and Urnenskoe Oil Fields of the Uvat Project in Q1 2009

Wednesday, Dec 24, 2008

TNK-BP is going to begin industrial development of the Ust-Tegusskoe and Urnenskoe oil fields of the Uvat project in Q1 2009. The Public Relations Department of TNK-BP Sibir, a subsidiary of TNK-BP Management in Tyumen, informed that implementation of the Uvat project will be started from the eastern group of fields, namely, the Ust-Tegusskoe and Urnenskoe oil fields.

According to Andrei Rublev, General Director of TNK-BP Sibir, implementation of the Uvat project is considered by the company as a high-priority task even despite the world financial crisis, ITAR-TASS reports.

TNK-BP owns 15 license areas in the south of the Tyumen with a total area of 26,500 square kilometers. The in-place reserves of these areas are estimated at 1 billion tons of oil.

41 wells in the Urnenskoe fields and 29 wells in the Ust-Tegusskoe field will be drilled by the end of 2008. The report says that the results of well tests corroborated the estimates and even exceeded the expectations of oilmen. According to the results of development drilling, the increment of recoverable reserves of oil in the last two years amounted to 10 million tons, and according to the results of drilling of 16 exploration wells in 2008, the increment of in-place reserves of oil reached 25.5 million tons.

For more TNK-BP press releases go to www.youroilandgasnews.com

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