OREANDA-NEWS. May 16, 2008. TNK-BP doubled its financial support for development of the Russkoe field (in the Yamalo-Nenets Autonomous Area) up to \\$60–70, Sergey Brezitsky, Executive Vice President, Upstream, TNK-BP, said to the press, reported the press-centre of TNK-BP.

“Currently, the development of this field is very dynamic and will be one of the highest priorities of the company in the nearest five years,” added he.

According to Mr. Brezitsky, a fifth horizontal well is now being drilled in the field. The oil production of the company in this field in 2007 amounted to 10,000 tons and is expected to be at the same level in 2008, “whereas the field is capable to yield several million tons of oil every year.”

Mr. Brezitsky explained that TNK-BP has signed a contract with AK Transneft to clarify how much oil from the Russkoe field may actually be received by the operator of trunk oil pipelines. “If Transneft is ready to accept 100% of our most sanguine forecasts, this will considerably change the Russkoe field development project and, probably, the oil production volume of TNK-BP,” stressed the Vice President.

The Russkoe field, the proven reserves of which, according to the Russian classification, amount to 400 million tons of oil, can yield approximately 100 million tons of oil a year.

An answer on receiving oil from the Russkoe field is expected by TNK-BP from Transneft in August–September 2008.