TNK-BP Holding OAO : TNK-BP Completes Preparation of Sub-sea Infrastructure of the Lan Tay Offshore Project in Vietnam to Launch Production of New Wells

Moscow, November 29, 2011 - TNK Vietnam, a wholly-owned subsidiary of TNK-BP, has successfully completed a 32-day Subsea Intervention Campaign on the Lan Tay offshore facilities. The work was performed to prepare the infrastructure prior to the development of the Lan Do gas field in block 06.1 on the Vietnam continental shelf.

This scheduled intervention campaign at the offshore platform became the first technical project implemented by TNK-BP outside of Russia. The company successfully solved new engineering and technological issues to ensure reliable operation of five underwater gas wells in the Lan Tay field, one of the largest gas fields in Vietnam. Additionally, new data was gathered for use in updating the remaining reserves figures and forecasting production dynamics of the field.

In carrying out the maintenance work, the company used two diving support vessels and remotely operated underwater vehicles and engaged over 100 specialists from international contractors in addition to its own employees.

Hugh McIntosh, General Director of TNK Vietnam, said: "Following the completion of the sub-sea intervention campaign at Lan Tay, the field is ready to reach the highest levels of production during periods of high demand."

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TNK-BP is the third largest oil company of Russia. It is owned on a parity basis by BP and the AAR Consortium (Alpha Group, Access Industries, and Renova). TNK-BP owns about 50% of the Russian oil and gas company Slavneft. TNK-BP's share in Russia's oil production, including its share in Slavneft, is approximately 16%. As of December 31, 2010, the total proven SEC life-of-field (LOF) reserves of the company, estimated according to the US Securities and Exchange Commission (SEC), amount to 8.794 billion barrels of oil equivalent.

In October 2010, TNK-BP and BP announced that they signed agreements on acquisition of BP's production, pipeline transportation, and power generation assets in Vietnam and Venezuela by TNK-BP for a total sum of US $1.8 billion. The companies concluded a deal in June 2011 for acquisition of assets in Venezuela and officially obtained an investment license in October 2011 for development of block 06.1 in Vietnam. In addition, TNK-BP signed an agreement with the Brazilian company HRT O&G on acquisition of a 45% stake in an oil and gas project in the Solimões basin in Brazil.

TNK-Vietnam, a subsidiary of TNK-BP, became the operator of the project at the offshore platform Lan Tay in October 2011, when changes were officially made in the investment license for development of offshore block 06.1. Currently, the company searches for new opportunities for organic and inorganic growth and establishes strategic partnerships for development of new energy projects in Vietnam.

References to TNK-BP or Group mean TNK-BP International and its consolidated subsidiaries unless the context requires a different reading.

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