Summary
OIL giant BP raised the proved crude oil reserves for its Russian joint venture by 5% yesterday, a move in stark contrast to recent news from arch-rival Shell which has slashed its own reserves four times this year.
According to figures from the first full audit of the TNK-BP joint venture, total proved reserves rose to 4.3 billion barrels in 2003. BP paid more than $7bn ((pounds) 3.8bn) in cash and shares a year ago to buy a 50% stake in TNK, Russia's third-largest oil producer.See the full content of this document
Extract
British Petroleum Upgrades Russian Reserves
Robert Dudley, TNK-BP's British chief executive, said: "This ...
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