OREANDA-NEWS. On September 27, 2007, the OJS Tatneft Board of Directors convened their regular meeting chaired by the Prime-Minister of the Republic of Tatarstan Rustam N. Minnekhanov, a report published by the Tatneft press-service reads.

The Board considered the OAO Tatneft eight-month budget performance and approved the October and the 4Q2007 budgets. The Board considered and adopted the oil production target as well as the geological and engineering program for 2008-2010 during which the Company plans to secure the sustained oil production at 25.4 million tonnes per year. Oil produced by tertiary EOR techniques will exceed 20 per cent of the total Company's output. The oil produced from 80 per cent and more depleted oilfields and liable to pay the differentiated Minerals Production Tax will still account for about 16 million tonnes (about 63 per cent) per year. As predicted by Tatneft's experts, by 2010 oil production beyond the Republic of Tatarstan will reach over 500 thousand tonnes per year.

The Board considered Tatneft's progress made in implementation of the SAP R/3 project. Today, the ongoing SAP projects embrace all key management processes of the Company. A multi-level system had been established in the Company enabling to align production processes with management and finance and economic operations of the Company. The executive management of OJS Tatneft was assigned to continue the SAP R/3 project implementation and work out the program to further centralize IT management and standardize management and production processes for the Tatneft Group in order to enhance the system's efficiency. Besides, the Board of Directors considered a number of other issues related to OJS Tatneft's business operation.