TNK-BP Invests Total $3 Billion Developing East Siberia Oilfield

TNK-BP’s spending on East Siberia’s Verkhnechonsk oilfield has increased to 90 billion rubles ($3 billion) after the third-largest Russian oil producer invested 18.5 billion rubles on the development last year.

Processing capacity will be expanded this year to meet peak annual production of 7.8 million metric tons in 2014, Sergei Fedorov, the project’s general director, said in a statement on the Moscow-based company’s website today. The unit produced more than 7 million tons of crude in 2012, according to the company.

Before it's here, it's on the Bloomberg Terminal.