Congratulations!

• BP has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP

• BP has, thereafter, notified Alfa Access Renova (AAR) of its intention to pursue the potential sale

TNK-BP highlights:

• Corporate structure: BP (50%) and AAR (50%)
• Upstream assets are located primarily in Russia - West Siberia, East Siberia, and Volga-Urals (Orenburg Region)
• As of 31-Dec-2011,
  • Proved Reserves (SEC reporting) – 9,900 MMBOE (49% gas)
  • Proved plus Probable plus Possible Reserves – 39,350 MMBOE (PRMS reporting)
• 2011 Production: 1.99 MMBOE/d

BP will enter into a 90-day period of "good faith" negotiations with Alfa Access-Renova, as required by the TNK-BP shareholder agreement, to sell a part or all of its 50% share in TNK-BP.

BP will also enter into negotiations, in parallel, with other interested parties for the sale.

AAR stated publicly that it was willing to buy one-half of the BP stake in TNK-BP (25%) at the current market price.

View AAR press release

Further to a recent statement from BP of its intentions to sell its 50% shareholding in TNK-BP, Rosneft and BP have expressed interest in commencing negotiations. BP and Rosneft confirmed they have signed a non-disclosure agreement.

BP also confirmed that while conducting parallel discussions with Rosneft and any other interested parties, it will negotiate in good faith with Alfa Access-Renova in accordance with its legal obligations.

Read Rosneft press release

TNK-BP has divested its 100% interest in OJSC Novoskibirskneftegaz and 71.09% interest in OJSC Severnoeneftegaz to a group of specialist Russian and foreign investors owning assets in the Russian oil and gas industry.

Asset Highlights:

• Novosibirskneftegaz is developing the Verkh-Tarskoe oil field with 12.6 MMT (99.5 MMbbl) of recoverable oil and condensate in A, B, and C1 categories. The company also owns two more licenses in the Novosibirsk Region.
• Severnoeneftegaz is developing Vostochno-Tarskoe and Maloichskoe fields with recoverable reserves of 1.8 MMT (14.2 MMbbl) in A, B, and C1 categories.

View TNK-BP press release