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TNK-BP to Boost Output at Aging Orenburg Fields With New Wells

TNK-BP, the Russian oil venture owned by BP Plc and a group of billionaires, plans to increase output at two mature fields in the Orenburg region after adding five wells this year.

Buguruslanneft, one of the company’s oldest units in the region, will drill two wells at the Novo-Mikhailovskoye field and three at Krasnoyarskoe, boosting oil output at the deposits by 20 percent from 2011, TNK-BP said today in a website statement.