TNK-BP boosts investments to increase presence abroad
"The company will invest $45 billion overall in upstream development in the next ten years. Around $2.5 billion will be invested in refining and $1.5 billion in the development of the retail brand," he said.The Yamal and West Siberia fields have become the company's two key oil-producing regions in Russia for the next 10 years. However, international projects remain a high priority for the company alongside its Russian contracts. The company could reduce its current oil production volumes in West Siberia to 20% of the total volume of the company’s production from the 50% being produced today, leaving Yamal’s output production at 27%. Miroshnik also said TNK-BP could increase oil production outside Russia by 2020, targeting international markets."Our goals in the framework of developing our international presence include access to new resources, and diversifying the existing asset portfolio to enable us to move towards our objective of becoming the biggest international company. We expect production at international projects will range from 40 million to 90 million barrels per year,” Miroshnik said.Along with the oil segment, gas targets will gain in importance, with production rising from 12 bcm to 22 bcm. The company has divided its gas strategy into two stages where short-term projects such as Rospan which are resistant to macroeconomic changes will be developed during 2011-2015, and mid- and long-term projects include the development of the Bolshekhetskaya and Messoyakha fields and gas caps in the Nizhnevartovsk region. Miroshnik noted that TNK-BP planned to develop three or four projects aggressively: "Vietnam and Venezuela are the first steps in this direction and we’ll be developing an international presence in these countries and in other regions," he said.