MOSCOW Dec 14 Russian oil company TNK-BP
, half-owned by BP, will invest up to $10
billion in Arctic oilfield development and construction of a
pipeline to link the fields with the export pipeline, the
company said on Wednesday.
Russia, the world's top crude producer, is desperate to tap
new hydrocarbon resources at the far-flung reaches of the Arctic
and East Siberia as its traditional deposits in the West Siberia
hinterland are largely depleted.
TNK-BP said it signed an agreement with Russia's oil
pipeline monopoly Transneft to deliver oil into the
Zapolyarnoye-Purpe pipeline, which will connect the company's
Arctic deposits with the China-bound trunk.
The oil reserves and resources of the company's fields in
Yamal region are estimated at approximately 5 billion barrels.
The 600 kilometre-long Zapolyarnoye-Purpe pipeline, due to
be constructed in 2015-2016, will be part of an oil
transportation system connecting Russia's oil exports from the
Arctic region with main Eastern and Western routes.
The pipeline is vital for TNK-BP's development of Suzun and
Tagul fields. Another link, Purpe-Samotlor, plugs Rosneft's
Vankor oil field, which produces around 300,000
barrels per day, into the East Siberia-Pacific Ocean pipeline,
slated for China.
The oil arm of Russia's gas exporting monopoly Gazprom
, Gazprom Neft, together with TNK-BP are
developing the Messoyakha oil field, which will also deliver oil
into the Arctic pipelines.
TNK-BP plans to start supplies of oil from new fields in the
Yamalo-Nenets Autonomous Area and northern Krasnoyarsk region in
2016, while its total upstream investments programme stands at
around $45 billion for the next 10 years.