OREANDA-NEWS. On February 27, 2008 the Board of Directors reviewed at its meeting the results of budget implementation of the company in January, and approved budget for March of the current year, reported the press-centre of Tatneft.

The Board of Directors heard and discussed the information regarding the results of the oil production plan implementation for 2007.

Tatneft Company produced over 25,740,000 tons of crude oil from its fields in 2007 that is 101,3% to the level of 2006. 44,7% of the total volume were produced through the application of advanced tertiary oil recovery methods and hydrodynamic production methods. All oil and gas producing units of the company exceeded their oil production plan targets for 2007.

Last year two oil fields (the Zapadno-Khrustalinskoye and the Nyrtinskoye fields) were put into pilot operation. 349 new operating wells with the average flow rate of 8.1 tons/day were put on stream (in 2006 the average flow rate of new wells was 7 tons/day). 223 wells were completed for water injection. 62 wells were put into operation using sidetracking and lateral drilling techniques; hydrofracturing and acid hydrofracturing operations were performed in 133 wells.
The executive management was instructed to proceed with the implementation of effective geological and engineering operations to achieve the oil production volume planned for the year 2008.

The Board of Directors reviewed the track record of Tatneft\'s Internal Audit Department for 2007, and approved the work plan for 2008.

Furthermore, the Board of Directors discussed a number of other matters regarding the activity of Tatneft Company.