TNK-BP Begins Oil Transportation from Verkhnechonskoe Field
OREANDA-NEWS. December 03, 2009. The government’s decision to set the export duties for East-Siberian oil to zero is coming into force today. However, oil companies already know the potential boons and effects of this decision. Jonathan Kollek, Vice President, Sales, Trading and Logistics, TNK-BP, said that, with the beginning of oil transportation from the Verkhnechonskoe field through the East Siberia–Pacific Ocean oil pipeline, the company will increase its export by 6% up to 38 million tons, reported the press-centre of TNK-BP.
According to Mr. Kollek, the oil export of the company will grow by 9% by the end of 2009 up to 35.82 million tons. The export of oil through the oil pipeline Druzhba will rise by 25% up to 13.35 million tons and railway export of oil will increase by 34% up to 3.94 million tons, whereas the export of oil through seaports will decrease by 3% down to 18.98 million tons.
This year, the oil production of TNK-BP will rise by approximately 2% owing to the launch of the Uvat fields and increase of oil production in the Orenburg Region. Thanks to development of new fields and maintenance of oil production in old fields, the company managed to build up its oil export, said Valery Nesterov, analyst of the investment company Troika Dialog. “Oil prices were growing and export duties were relatively low, for which reason oil companies preferred to export their oil,” supposed he.
Mr. Kollek added that in November TNK-BP began oil supplies to Kazakhstan through the Barabinsk terminal, which was only used earlier for oil supplies to the domestic market. The capacity of this terminal, which is intended for transshipment of oil from the Verkhne-Tarskoe field, is 150,000 tons of oil a month.
In Q4 2009, however, the company ran into problems with export of oil to China. According to the protocol of bilateral transit signed by Russia and Kazakhstan in late November 2007, TNK-BP supplied 150,000 tons of oil through the Atasu–Alashankou oil pipeline both in Q2 and Q3 2009. However, beginning from October 2009, TNK-BP and Gazprom Neft can no longer use this oil pipeline for oil export because of the periodic technical problems with it. Eventually, in Q4 2009, China gave up supplies of Russian oil through this pipeline. TNK-BP hopes to resume its oil export to China next year.
Next year, the oil export of TNK-BP will grow by another 6% and amount to 38 million tons. Mr. Kollek explained that the oil export of the company will start growing after beginning of oil supplies through the Siberia–Pacific Ocean oil pipeline from the Verkhnechonskoe field, in which oil production will be raised to 2.2–2.3 million tons a year.
The zero export duty for East-Siberian oil is coming into force today. Apart from that, the unified network tariff for pumping of oil from East-Siberian fields is expected to be set at US34 per ton. “All these measures are intended to support the companies working in East Siberia. TNK-BP is serious about using this new direction for increasing its oil export in the nearest years,” noted Mr. Nesterov.
Mr. Kollek said yesterday that the first tanker with oil produced in the Verkhnechonskoe field should start from the Kozmino seaport in January (earlier, this start was scheduled for the end of this year). However, the tariffs offered by Transneft are not approved yet. “We decided to wait for the final decision, because the figures mentioned are somewhat different from our figures,” said the Vice President of TNK-BP.
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