TNK-BP Completes Drilling Ops Offshore Vietnam. First Gas to Flow in 4Q 2012

TNK-BP Completes Drilling Ops Offshore Vietnam. First Gas to Flow in 4Q 2012

TNK-BP announced yesterday that the group’s subsidiary TNK Vietnam has successfully completed the drilling of two development wells on the Lan Đỏ offshore field in Vietnam.

TNK Vietnam began drilling operations on subsea development wells on January 14, 2012. Their construction on the Lan Đỏ field took 94 days to complete and proceeded at depths of 185 meters 28 km fr om the Lan Tây offshore platform on Block 06.1, wh ere TNK-BP is producing natural gas for power generation in Vietnam. The wells will be tied back to the existing Lan Tây Platform using a single 12-inch subsea flow line in late May 2012.

According to the development plan, the first Lan Đỏ gas will flow through the pipeline in the fourth quarter of 2012. Lan Đỏ’s annual production capacity of 2 billion cubic meters will sustain Block 06.1’s current production of 4.7 billion cubic meters a year.

Alexander Dodds, TNK-BP’s Executive Vice President, Upstream, said: “Completion of the first two development wells is a significant milestone for our company, as it is the first ever offshore drilling project for the TNK-BP Group. The project was delivered right on time, and we expect first gas from the new Lan Đỏ field as early as in October 2012.”

In 2011, TNK-BP acquired from BP a 35% stake in the offshore Block 06.1, which comprises Lan Tây and Lan Đỏ gas condensate fields, 32.7% in the Nam Côn Sơn pipeline and terminal, and 33.3% in the Phú Mỹ 3 power plant. Block 06.1, operated by TNK-BP, leads gas production in Vietnam and delivered 17,000 boe per day to TNK-BP in 2011.

TNK-BP is Russia’s third largest oil company and is parity-owned by BP and AAR (a consortium of Alfa Group, Access Industries, and Renova). TNK-BP also owns ca. 50% of Slavneft, a Russian oil and gas company. ТNК-ВР contributes close to 16% to Russia’s oil production (includes TNK-BP’s share in Slavneft). The Company’s total proved SEC LOF reserves are 9.115 billion BOE as of December 31, 2011.

Source: TNK-BP, April 20, 2012

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