Russian oil producer TNK-BP said that this year’s exploration drilling volumes will rise 37% from last year and that its total exploration budget will reach $400 million. "This year our exploration budget has increased threefold and exceeded $400 million which will enable us to step up our exploration activities and help support a successful replacement of our production with new reserves," Francis Sommer, company executive said in a statement.
The company also said that exploration rates have now returned to pre-crisis levels, Reuters reported.
