TNK-BP to Spend $12 Billion in Arctic Yamal

Bloomberg reported that TNK-BP (OTC Pink:TNKBF) intends to spend $12 billion on four fields in the Arctic Yamal region.

As quoted in the market news:

The fields, which hold about 2.7 billion barrels of resources, will likely add about 15 million metric tons, or 300,000 barrels a day, of output in the early part of the next decade, Tom Quigley, vice president in charge of the Yamal Oil project, said today.

Click here to read the full Bloomberg report.