Interfax cited Mr Sergei Biryukov head of the Russkoye project as saying that TNK-BP will invest USD 180 million in development of the Russkoye field in 2010.

He recalled that the TNK-BP board approved USD 400 million in investment to develop fields in Yamalo-Nenets autonomous district and northern Krasnoyarsk territory at a meeting on October 8. Russkoye will receive the USD 180 million in 2010 and early 2011.

Mr Sergei Biryukov said TNK-BP has already invested roughly USD 100 million in the Russkoye development. There are currently 10 wells at the field including four production wells. He said that after several more wells are drilled next year and their results studied, work will begin on preparations for full fledged development as well as confirmation of reserves. Seismic work indicates that there are promising oil deposits near the boundaries of the license territory.

The company plans to test the steam-assisted gravity drainage technique at the field in 2010. It will also test experimental equipment to lower oil viscosity directly in the well. If it is effective, the technology will be introduced at other fields.

According to the report, full fledged development of the field will depend on oil transportation capacity from the field. TNK-BP has laid considerable hope on the comprehensive program for developing the Yamal Peninsula which is expected to be approved in the first quarter next year.

The government is also discussing the issue of transferring the Vankor-Purpe pipeline which currently belongs to Rosneft to Transneft and subsequently boosting capacity on the pipeline.

(Sourced from Interfax)