TNK-BP To Acquire Interest In Vanyoganneft JV From Occidental

TNK-BP, the Russian joint venture of BP Plc, London, (NYSE, London: BP) plans to acquire the 50% interest in the Vanyoganneft joint venture in western Siberia from Occidental Petroleum Corp., Los Angeles, (NYSE: OXY) for approximately $485 million. Net production is approximately 22,600 barrels of oil equivalent per day and net proved reserves are an estimated 33 million barrels of oil equivalent. The Vanyoganneft license expires in January 2013, but may be extended.