OREANDA-NEWS. October 26, 2007. The Board of Directors reviewed the results of OAO TATNEFT budget implementation for nine months and approved budget for November of the current year.

The Board of Directors heard the information with regard to the status of development of high-viscous petroleum fields at OAO TATNEFT. A drilling technology of parallel horizontal wells completed to the surface with the depth up to 100 km from the surface and with the length of horizontal borehole up to 400 m with distance of 5 m between each other has been mastered in the Company. Its own SAGDI technology for heavy oils was developed and implemented. Agreement on principles of strategic partnership with regard to development of high-viscous and bitumen oil fields and processing of heavy oils was signed with Shell Company on September 27.

The course of implementation of OAO TATNEFT investment program in 2007 was discussed. The total volume of OAO TATNEFT investments into oil recovery in the territory of the Republic of Tatarstan has amounted to 12 billion roubles and out of the Republic of Tatarstan – 2.8 billion roubles. In addition, 24 filling stations have been purchased and constructed, a number of production facilities of OAO Nizhnekamskshina and Nizhnekamsky carbon black plant has been reconstructed. The Board of Directors also familiarized with the course of forming the investment program for the year of 2008. 

The Board of Directors also discussed a number of other issues regarding OAO TATNEFT activity.