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TNK-BP / PDVSA JV in Venezuela Reaches Oil Production Target of 130,000 Barrels per Day

TNK-BP announces that PetroMonagas, a joint venture between TNK-BP (16.7%) and Venezuelan state company PDVSA (83.3%), has increased its production of viscous oil by 11% since the start of the year to the target level of 130,000 barrels per day.

The Company is consistently growing its production volumes in line with the approved long-term development strategy for the asset. It plans to produce 145,000 barrels per day by as early as 2013. In addition, a project team will be appointed this year to study opportunities for boosting production at PetroMonagas’s assets to 200,000 barrels per day through extensive programmes to expand the capacity of the central processing facility and heavy oil treatment unit (upgrader).

The 185 sq km block in which PetroMonagas operates is in the eastern part of the resource-rich Faja heavy oil belt, located north of the Orinoco River. From 2012 to the expiry of the licence in March 2033, the company could produce in excess of 1 billion barrels of crude.

“In Venezuela, TNK-BP is gaining invaluable experience in producing highly viscous oil. We will be able to adapt these unique technologies for effective use in Russia. We’ve already achieved record results: since the start of the year we’ve achieved 11% of the planned 20% increased production we intend to reach in 2013”, said Boris Zilbermints, Senior Vice President, International Projects.

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