At the meeting the TNK-BP board resolved some outstanding matters for 2008 and agreed on key steps to underpin future growth in production, reserves, profitability and value. The board approved the 2008 business plan which included organic capital investment of $4.4 billion in line with the prior proposals from the management.
Shareholders also formally agreed future stages in a number of important greenfield projects. These include the Uvat, Verkhnechonskoye and Kamennoye projects, all of which have now received support to move to the next stage in their development. These projects, worth in excess of $2.5 billion, are deemed to be a significant investment in future production and reserves growth for TNK-BP and Russia.
The board specifically approved investment in infrastructure, engineering and project activity as part of the development of the Verkhnechonskoye Field, due on stream in October 2008; investment to complete Stage-1 of the Eastern Hub commercial development of the Uvat project and related regional infrastructure; investments in the Northern Hub of the Kamennoye Field and the Orenburg gas projects.
