TNK-BP operates 250 fields (the majority of those are mature water-flooded) with 2003 annualized average liquids production of 1.28 mln BPD and August 2004 record liquid hydrocarbons of 1.5 mln BPD. The Company's investment portfolio is dominated by wellwork program which compensates production decline and serves the purpose of maximising production and allows reaching planed growth targets. The wellwork program in 2003 included more than 4300 jobs and more than 5000 in 2004 on 15000 active producers with annualized average incremental oil rate of 189,000 BPD in 2003 and 224,000 BPD in 2004. This year program is of the same and even greater scale. All of the Company's wellwork activity is tracked in the WETS™ wellwork evaluation tracking process, a BP heritage tool. This process was implemented in Sidanco assets in December 2002 – February 2003 and in TNK assets in November 2003 – April 2004. The WETS™ wellwork evaluation database includes results of the following TNK-BP activity - drilling operations, rate addition wellwork on producers, and injector wellwork. This database has more than 9900 jobs as of January 2005. The results of less than a year of full implementation of the tool in TNK-BP are shown in this paper. This paper will illustrate how TNK-BP manages large scale upstream investment activities using the WETS™ wellwork evaluation tracking process. Examples of intra-company benchmarking will be explored to illustrate how major projects in the company are assessed and compared. This paper will also illustrate how historical performance is analyzed to underpin confidence in forward planning and ranking of projects.

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