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TNK-BP to Invest Over $60 Million Into West Siberia Water Shutoff Program by 2014

ТNК-ВР will invest over $60 million to implement a 3-year water shutoff technology program, which is expected to cut the cost of producing ‘challenged’ oil reserves in West Siberia.

Designed to address mature assets with high watercut, the program will help reduce water production by 60 million cubic meters and slash power consumption by 460 million kilowatt-hours by 2014. Its first phase includes 10 pilot projects and over 100 shutoff jobs to be completed in 2012 that will cost over 4$ million.

“New technologies will improve performance of the system by cutting costs, extending service life of wells, equipment and infrastructure. Development of challenged reserves depends directly on our capability to deliver commercially robust projects by optimizing costs. The West Siberia Water Shutoff Program is critical to ensure sustained production in this region”, said Eric Liron, Vice President, Wells, ТNК-ВР.

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