TNK-BP

TNK-BP

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TNK-BP

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Description:
TNK-BP () is a major vertically integrated Russian oil company. It is Russia's third largest oil producer and among the ten largest private oil companies in the world. TNK-BP is Russia's third largest oil company in terms of reserves and crude oil production. It is 50% owned by BP and 50% by a group of Russian businessmen, represented by the AAR (Alfa-Access-Renova) consortium.

Since the merger in 2003 between BP's and AAR's assets in Russia and Ukraine, TNK-BP has expanded through acquisitions such as that of Slavneft and organically through improving operational efficiency. In that time, over a backdrop of shareholder dispute, TNK-BP's profits have risen from US$2.7 billion in 2003 to $5.3 billion in 2009.

DeGolyer and MacNaughton confirmed that as of 31 December 2009 TNK-BP's total proved reserves amounted to of oil equivalent, applying PRMS (formerly SPE) criteria. Proved reserves constitute a total proved PRMS reserve replacement ratio of 329%.

History

On 1 September 2003, BP and AAR announced the creation of a strategic partnership to jointly hold their oil assets in Russia and Ukraine. As a result, TNK-ВР was created. ...
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