TNK-BP to inject over $1bn in APG utilization projects in Orenburg
OJSC Orenburgneft (a member of the TNK-BP Group) plans to invest more than $1 billion in associated petroleum gas (APG) utilization projects in the Orenburg region, TNK-BP said on Friday.
As part of its comprehensive program for increasing the value-added use of APG from the current level of 83% to 95% in 2014, TNK-BP is implementing four major projects in the Orenburg region: Pokrovka, Western, Bobrovka and Eastern. Two of them will be completed in 2H 2012. For that purpose, Orenburgneft will provide APG gathering, transportation to the processing facilities and processing as such.
‘The projects will help to bring our APG utilization figure to 95% with the total regional gas production of ca. 3 bcm. We have already invested ca. $500 mln in this program’, said Pavel Strunilin, Gas and Power Projects Program Director, South-East Area Division.
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’s total proved SEC LOF reserves are 9.115 billion BOE as of December 31, 2011.
