Tatarstan President holds board meeting of Tatneft Oil Company

On August 26, at Tatarstan Government House in Kazan, Tatarstan President Rustam Minnikhanov held a board meeting of the Tatneft Oil Company.

The meeting considered results of the budget execution of the company for seven months of 2016 and approved budget for September of the current year, as well as discussed results of financial and economic activities of the company for the first half of the year.

In the reporting period the company produced 13.739 mln tonnes of oil at its fields, which is 4.8 per cent more as compared to the same period last year. The associated petroleum gas production made 461 mln cubic meters, which exceeded the last year's level by 5.6 per cent.

As many as 189 new production wells and 282 injection well have been put into operation. The Ashalchinsk field produced 291 thousand tonnes of high viscosity oil in the first half of the year, which is 75 per cent higher then in the same period last year.

The gross proceeds from the sale of the products shipped during the reporting period amounted to 273 bln roubles. The net proceeds (excluding VAT and export duties) amounted to 226 bln roubles. Due to the financial and economic activities the company received 51 bln roubles of the net profit. The total investment of Tatneft Group amounted to 48 bln for the first half of the year.

The information on implementing the programme of geological exploration of pilot projects on Domanik deposits was presented and a strategy to develop this direction was adopted at the meeting.

The Board also considered a number of other issues of the company’s activities.