TNK-BP to invest $7 billion in Rospan gas project by 2040

1/21/2013

TNK-BP to invest $7 billion in Rospan gas project by 2040

BY JAMES MARSON

MOSCOW -- Russian oil producer TNK-BP, which is being taken over by state-controlled OAO Rosneft, plans to invest $7 billion in its Rospan natural gas project by 2040.

Rospan will increase output to 16 Bcf of gas in 2020 from 3.5 Bcm last year, the company said in a statement on its website.

Rosneft is acquiring TNK-BP, Russia's third-largest oil producer, from BP and its partners in deals worth $55 billion that are expected to close in the first half of this year. BP will hold a 19.8% stake in Rosneft as part of its deal to sell out of TNK-BP.

Major Russian oil companies, including Rosneft and TNK-BP, are seeking to ramp up gas production, challenging state-controlled export monopoly Gazprom's dominance of the domestic market.

Dow Jones Newswires

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