March 17, 2012
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TNK-BP to Reduce Well Operation Costs by 10% by 2015

TNK-BP plans to reduce its total expenses for operation of approximately 16,000 artificial lift wells by 10% by the year 2012. The company is implementing a number of comprehensive programs along the key lines of its activities in accordance with the artificial oil lifting efficiency improvement strategy.

This strategy is aimed at reduction of well operation costs from the current $48.8 per well to $43.9 by 2015. Artificial lifting, used in 98% of the company’s well stock, accounts for a considerable part in the total operating expenditures of the company.

TNK-BP is consistently implementing a long-term program for improving the efficiency of artificial lifting, which includes analysis, assessment and optimization of each stage in the life cycle of electrical submersible pump (ESP) units by using latest technologies and equipment. The company increased the run life of pumping equipment to a record 615 days, which meets the international standards.

TNK-BP is the third largest oil company of Russia owned on a parity basis by BP and the AAR Consortium (Alpha Group, Access Industries, and Renova). TNK-BP owns about 50% of the Russian oil and gas company Slavneft. TNK-BP’s share in Russia’s oil production, including its share in Slavneft, is approximately 16%.

Copyright 2012, TNK-BP. All rights reserved.


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