KHANTY-MANSIISK (Western Siberia), June 19 (RIA Novosti) - Russian-British joint oil venture TNK-BP [RTS: TNBP] intends to spend more than $1 billion over the next five years on associated petroleum gas processing, a senior company executive said Tuesday.
"TNK-BP has prepared several major programs to be implemented over the coming five years. They are intended to help coordinate the problem of [associated] gas processing on a regional level," said Oleg Nam, director of TNK-BP's West Siberian branch.
According to Nam, TNK-BP plans to reach an average gas processing level of 95% by 2011 compared with the current rate of 78.4%.
TNK-BP is currently developing 143 oil and gas deposits. Oil output totaled more than 73 million metric tons (535 million barrels) in 2006. The volume of associated petroleum gas amounted to about 11 billion cubic meters, of which 800 million cubic meters were used for the company's own needs, and 8 billion were processed, Nam said.
