BP's Russia venture profits jump 8%

25th October 2011, Comments 0 comments

BP's Russian venture TNK-BP on Tuesday reported an eight-percent jump in third quarter net profits on Tuesday on the back of record production figures that compensated for a fall in crude oil prices.

Results for the period from Russia's third-largest oil producer showed production reaching a historic peak of 1.8 million barrels per day of oil and oil equivalent in early September.

The firm's net profit in the third quarter grew to $2.27 billion and net debt declined while cash costs remained at the previous quarter's level thanks to a weaker ruble.

TNK-BP CEO Mikhail Fridman called the results "excellent" and reaffirmed the company's commitment to expand is production base beyond Siberian energy fields.

"We remain committed to expanding our international business and have made considerable progress in this regard during the past three quarters," said Fridman.

TNK-BP has recently closed deals to acquire BP assets in Venezuela and operate a natural gas reserve in Vietnam.

"These operational successes and transformational deals in Asia and Latin America will underpin TNK-BP's growth story and allow us to continue making TNK-BP one of the most efficient global oil and gas companies," said Fridman.

The company said its nine-month profit shot up by 75 percent to $6.8 billion.

© 2011 AFP

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