BP fuel card news: Russian oil producer increases production
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02 March, 10 The oil producer TNK-BP increased production last year and replenished its hydrocarbon reserves. Jointly owned by BP and a group of Russian billionaires, the company produced 1.69 million barrels of oil a day last year. TNK-BP, which is Russia's third-largest oil and gas producer, said its reserves rose from 10.25 billion barrels in 2008 to 11.7 billion in 2009. The rate at which oil production by the company was replaced by new discoveries of oil, known as the reserve replacement ratio, was a "record" 329 per cent. Mikhail Fridman, interim chief executive officer of TNK-BP, said the year had been an important one. Despite the economic climate, he said, the company achieved its targets for growth and "continued to deliver on the four promises it made at the start of the joint venture relating to production growth, technology transfer, corporate governance and social responsibility". The company, which is half owned by BP, is planning to expand further in the next few years, including two projects planned in Siberia and an investment of $180 million (£121 million) in Venezuela. Posted by Nick Jenkins 
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