- 1Main
- 2Message from the Executive Chairman of the Board of Directors
- 3Interview with the Deputy Chairman of the Management Board of TNK-BP
- 4Our Strategy for the Future
- 5Key financial and operational highlights of 2010
- 6Upstream
“The Salt of the Earth” - 7Downstream
“The Core Value of Integration” - 8Gas business development “Transformational Change”
- 9Slavneft
- 10Social responsibility
“Doing It Right” - 11Our financial performance
- 12Subsequent events
Message from the Executive Chairman of the Board of Directors – “Growing Beyond Frontiers”
2010 heralded a new phase in our development: we not only achieved outstanding financial results, but also took important steps on the road to international expansion. At the same time, we continued to make progress towards our strategic goal of transforming TNK-BP into a world-class oil and gas player.
Our team can be justifiably proud of its successes in 2010. Thanks to the increase in development at our new production centres in Eastern and Western Siberia and continued growth in output from the Orenburg region, more than 12% of our total production during 2010 came from new fields.
Signing a long-term agreement granting Rospan access to the Unified Gas Transmission System and a government decision to build the Zapolyarnoye-Purpe oil pipeline have opened the way to fullscale development of the oil and gas fields in Yamal – a key region for us in terms of potential growth. As the Yamal fields are brought on stream, we will strengthen TNK-BP's position as one of Russia’s leading private oil companies in terms of oil production.
The importance of acquisitions outside traditional markets cannot be overstated. The acquisition of assets will help to diversify our project portfolio, which will allow us to develop new professional competencies and improve our performance in Vietnamese and Venezuelan, thereby increasing the company’s value and benefitting all of our shareholders.
Our geographical expansion will help us to become more competitive which in turn is aligned with Russia’s strategic goal of remaining a leader in the global energy industry.
Environmental stewardship, the development of human capital and social responsibility remain key priorities for TNK-BP. In 2010, we continued to implement a range of measures designed to ensure the safety of our people and protect the environment. This has resulted in a substantial reduction in the number of lost-time accidents and oil spills.
As a socially responsible company, we have continued to support the socio-economic development of Russia’s regions through an extensive community investment programmes.
We will continue prioritising projects in this sphere, including providing support to vulnerable social groups, healthcare assistance, sports, culture and education and the preservation of Russia’s cultural and historical heritage.
Our transformation into an international player, competing on equal terms with global oil and gas industry leaders, would not have been possible without our technological expertise innovative approaches and solutions.
In 2010 we greatly expanded our investment in the development and application of innovative technologies, thanks, in part, to a macroeconomic climate that incentivises Russian businesses to use new technologies. Our objective is to ensure continuous technological advances, producing real positive change, not only within TNK-BP, but across the Russian oil and gas industry.
We are proud of our unique ability to bring together top professionals and to nurture talent within our company, creating a fusion of Russian and foreign expertise that meets the very highest international standards.
I have no doubt that our team can go on to achieve even greater things.
| Mikhail Fridman |  |
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