Bloomberg News

TNK-BP to Boost 2012 Capital Spending to $5 Billion, Muir Says

February 03, 2012

Feb. 3 (Bloomberg) -- TNK-BP, the Russian oil venture half- owned by BP Plc, plans to boost capital expenditures to $5 billion this year, Chief Financial Officer Jonathan Muir said.

The producer will invest about 80 percent of the amount in exploration and production, Muir told reporters today in Moscow. Last year, TNK-BP spent about $4.3 billion, not including acquisitions, he said.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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