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TNK-BP preps for arctic oil work

  |   Feb. 2, 2012 at 7:38 AM
MOSCOW, Feb. 2 (UPI) -- Russian energy company TNK-BP announced plans to finish a drilling campaign in the Yamal-Nenets region to access some 2.25 billion barrels of oil.

TNK-BP, a joint venture between Russian tycoons and British energy company BP, said it plans to finish drilling six wells at the Russkoe field in the region this year. The campaign is part of a plan to bring the Russkoe field into full commercial operation by 2017.

Thomas Quigley, vice president for oil operations in the region, said full-scale production from the area was too much for one contractor to handle.

"We are therefore planning to execute it with the involvement and support of dozens of partners," he said in a statement.

TNK-BP said the Russkoe field has at least 2.25 billion barrels of recoverable oil reserves. TNK-BP has a contract with oil services company Transneft to build a 300-mile pipeline from the Yamal oil fields.

In December, the company announced it was investing $10 billion in arctic infrastructure to move energy supplies to the Asian market.

Five fields -- Russkoe, Suzunskoe, Tagulskoe, Russko-Rechenskoe and Messoyakhskoe -- are expected to account for 20 percent of the company's oil production by 2021.

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