TNK-BP to Spend $12 Billion to Tap Yamal Oil, Boost Output
This article is for subscribers only.
TNK-BP, Russia’s third-largest oil producer, plans to spend $12 billion to develop four fields in the Arctic Yamal region as it invests in new projects to offset declines at some of its older deposits.
The fields, which hold about 2.7 billion barrels of resources, will likely add about 15 million metric tons, or 300,000 barrels a day, of output in the early part of the next decade, Tom Quigley, vice president in charge of the Yamal Oil project, said today.