TNK-BP Boosts Production, Reserves

Russia's TNK-BP reported results for 2012 Thursday in which the firm revealed that its oil and gas production increased by 1.8 percent during the year to 2,023 million barrels of oil equivalent per day. The firm said that its total proved reserves reach 9.8 billion barrels of oil equivalent, representing a 210-percent reserve replacement ratio.

Chief Financial Officer Jonathan Muir commented in a statement:

"We have been successfully moving our Yamal greenfields to the execution stage, with Suzunskoye the first field ready for launch and the Rospan natural gas project moving to Phase 1 full-field development."

Muir added that all of TNK-BP's international projects showed "positive momentum" with incremental production being achieved in Vietnam and Venezuela, along with gas discoveries in Brazil.

"We continue to focus on business fundamentals and bottom line enhancement and will carry out our operations safely and with minimum damage to the environment," he said.

The takeover of TNK-BP by Rosneft is scheduled to be complete by the end of this month now that the Russian state oil company has bought out BP and the Alfa-Access-Renova consortium, which together previously owned the business.

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