Anglo-Russian oil producer TNK-BP Ltd. plans to invest at least $700 million to upgrade and reconstruct its captive power generation facilities over the next three years, the company said Wednesday.

The funds will mostly be spent to construct and upgrade gas turbine power plants and power grids, TNK-BP said in a statement.

"Within 10 years, TNK-BP plans to satisfy more than 50% of its own power requirements," said Pavel Strunilin, TNK-BP's vice president for power supply.

TNK-BP intends to construct gas turbine power plants at the Van-Yoganskoe field located in the Nizhnevartovsk region with a capacity of 37 megawatts, and at its Uvat fields in the Tyumen region with a total capacity of up to 70 megawatts.

The company is considering power plant projects in the Orenburg region of between 400 and 800 megawatts, and for Yamal fields with a capacity of up to 264 megawatts.

TNK-BP is 50%-owned by U.K. oil major BP PLC (BP).

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