TYUMEN, Russia, Feb. 17 (UPI) -- Anglo-Russian venture TNK-BP announced the launch of commercial production at two oil fields in the Uvat area of the Russian province of Tyumen.
"Uvat has been a challenge for us, both technologically and logistically," said TNK-BP chief Tim Summers in statements on the corporate Web site. "However, a successful combination of international expertise and Russian experience enabled TNK-BP to bring this major greenfield undertaking on stream on time and on budget."
TNK-BP estimates the total amount of oil in place at the Urna and Ust-Tegus fields in Tyumen are 2.25 billion and 750 million barrels, respectively. Both fields in 2009 should produce roughly 112.5 million barrels of crude oil.
TNK-BP said it has invested some $925 million into development and construction at the field to date and estimates an additional $500 million to drill new wells and build infrastructure at the sites.