Reuters reported that Russia No 3 oil producer, TNK-BP plans to increase hydrocarbon output by 1.3% in 2011 and raise capital expenditure by 15% to USD 4.6 billion.

TNK-BP half owned by British major BP said the board of directors approved the 2011 business plan that sees hydrocarbon production at 715 million barrels of oil equivalent up by 1.3% increase over production in 2010.

The board also accepted the resignation of TNK-BP executive director Mr Viktor Vekselberg from January 15 2011 and said that Mr Maxim Barksy appointment as TNK-BP CEO will be delayed until sometime in 2011.

The company had previously said Barsky would assume the role as head of TNK-BP as of January 1 2010.

Vekselberg one of TNK-BP co-owners will remain on the company's board.

(Sourced from Reuters)