Mr. Brown said the company had increased oil output 14% in the first six months.
Mr. Brown added the company had earned $7 billion this year thanks to high oil prices and increased output.
TNK-BP was opened on September 1, 2003 after BP and Russia's Alfa Group, in cooperation with the Access/Renova (AAP) holding, announced a deal on strategic partnership and the intention to merge their oil assets in Russia and Ukraine. The new holding is the third largest company in terms of oil reserves and output in Russia.
According to the international audit board, the company's acknowledged oil reserves are 1,200,000,000 tons. It produces close on 60 million tons of oil annually. TNK-BP owns 5 oil refineries with the overall capacity of 50 million tons a year. The holding also runs over 2,000 filling stations in Russia and Ukraine.
BP and AAP hold 50% of TNK-BP shares each. AAP invested its blocks of shares in TNK-International and Sidanco, Rusia Petroleum (that holds a license for the development of the Kovytkino gas condensate deposit, Eastern Siberia), in the Rospan gas producer (Novo-Urengoi and Vostochno-Urengoi deposits in northern Russia). BP invested its Sidanco and Rusia Petroleum shares, and a share block in the Moscow chain of filling stations.
Mr. Brown said Russia had to boost its export pipelines' capacities to increase oil output. Oil output will remain at a fixed level otherwise and oil will be produced at "easy" deposits while oil production may halt at other deposits.
However, Mr. Brown believes this problem will be settled.
Russia's acknowledged oil reserves were estimated at 60 billion barrels but they can increase, according to Mr. Brown.
