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TNK-BP To Rehabilitate Half Of Idle Oil Wells
Moscow, Russia (RIA Novosti) Nov 14, 2006 TNK-BP will invest $2.5 billion in an effort to rehabilitate half of its idle oil wells in the next four years, Russia's natural resources minister said Monday. In July, Minister Yury Trutnev said the joint Russian-British venture was the leader in terms of idle oil wells, which totaled 36.9%, against the 10% authorized by law. Russia's third-largest oil producer plans to cut the figure to 20% by 2009. "The company plans to halve the number of its idle wells within four years through advanced technologies and about 1,000 new pipelines," Trutnev said Monday after the company presented its new program. German Khan, TNK-BP's executive director, said the company, whose oil output topped 75 million metric tons (550 million barrels) in 2005, agreed with the ministry's requirements. "We realize the ministry's remarks regarding our idle oil wells and other indicators being far from perfect are valid," Khan said. He urged the company and the government's supervisory agencies to work together to improve the situation. Khan said the company - which operates oil fields in West and East Siberia, the Volga and Urals areas and on Sakhalin - will first apply the program to two deposits in West Siberia and the Urals. By the end of 2007, the company plans to reduce the number of its idle wells to 31%, in accordance with its new program approved by the Ministry of Natural Resources. However, Trutnev said the company would still fall short of the 10% target stipulated by law. Executive Director Khan said: "We understand this and will seek to fulfill our licensing agreements." TNK and BP merged in August 2003. BP and Russia's AAR consortium of Alfa-Group, Access Industries and Renova hold shares in the company on a parity basis.
Source: RIA Novosti Community Email This Article Comment On This Article Related Links TNK-BP Powering The World in the 21st Century at Energy-Daily.com Powering The World in the 21st Century at Energy-Daily.com
Republicans Eye Alternate Drilling Bill
Washington (UPI) Nov 13, 2006U.S. House Republicans have said they will settle for a more modest offshore drilling bill after Democratic victories effectively killed a previous plan. U.S. Rep. John Peterson, R-Pa., said he would push more a smaller measure that allows for a small amount of offshore exploration, similar to a bill passed by the U.S. Senate, The New York Times reported Monday. |
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