TNK-BP Announces Discovery of New Fields in Orenburg Region

TNK-BP announces the discovery of new oil fields in the Pokrovsko-Sorochinskiy and Radovskiy blocks, with estimated potential
recoverable reserves of 4 million tonnes in the ABC1 category and 1 million tonnes in the C2 category.

The future development plan for the new fields includes a detailed appraisal of the acreage to ensure that the reserves are recovered as efficiently as possible.
The new fields were discovered on the basis of 3D seismic surveys. TNK-BP is implementing a major programme to stabilize production at its brownfields - Orenburgneft and Buguruslanneft's fields have been producing for over 75 years and are among the oldest oil fields in Russia.
In 2012 TNK-BP has invested over 3 billion rubles in exploratory drilling - 48% more than last year. In 2013 the Company plans to continue exploration and appraisal drilling in licence blocks operated by Orenburgneft and Buguruslanneft.

"Orenburgneft has a high success rate of over 75% in exploration and appraisal drilling, compared to the industry average of 50%. The application of new technologies is not only helping to meet production targets, but also opens up new development opportunities", said Oleg Dimov, TNK-BP Vice President and Director of the TNK-BP Branch in Orenburg.