BP's flagship Russian oil venture, TNK-BP, is maintaining crude production growth targets for 2004 to 2007, the company said in an upbeat presentation on Monday.
TNK-BP said it was maintaining a production growth forecast of 12 percent for 2004, and around 7 percent per year through 2007.
"The base TNK-BP oil and gas business has material growth potential through 2007 and beyond," BP added on its Web site.
BP shares rose 0.5 percent initially, then fell to trade down 0.3 percent at 507-3/4 pence by 1000 GMT. Dealers said this was due to concerns over the impact of Hurricane Ivan on BP, though the company reiterated that the hurricane was not expected to hit its operations.
BP announced a $6 billion-plus investment last year to form the 50-50 joint venture TNK-BP, which is Russia's third-largest oil producer behind Lukoil and market leader Yukos.