MarketWatch reported that Russian oil and gas producer TNK-BP is seeking new investments in South America and Southeast Asia as part of an international diversification policy.

Mr Alexander Dodds, executive vice president, upstream said in Rio de Janeiro where he signed a USD 1 billion farm-in accord to develop oil blocks in the Solimoes area in the Brazilian Amazon in a partnership with Brazil HRT Particacoes em Petroleo that the company is particularly interested in expanding its portfolio to include more gas projects.

He said that "We're seeking additional opportunities in Brazil. We'll definitely want to participate if it makes sense. We're looking at South America and Southeast Asia."

He added that new investments will be planned to help TNK-BP ensure that by 2020 gas accounts for 20% of total production and 20% of earnings before interest, tax, depreciation and amortization.

Mr Dodds said the company which was recently classified as the world 10th-biggest oil and gas producer also has massive gas reserves in Russia and Siberia and hopefully will gain new gas reserves in Brazil.

(Sourced from MarketWatch)