OREANDA-NEWS. August 29, 2011. A regular meeting of the Board of Directors of TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan - Chairman of the Board of Directors of TATNEFT was held in Kazan, reported the press-centre of TATNEFT.

The meeting reviewed the budget execution of TATNEFT for seven months in 2011 and approved the budget for September of the current year and discussed the results of the financial and economic activities of TATNEFT for the first half of the year.

The amount of 12.857 million tons of crude oil was produced at the Company's fields during the reporting period with the above-the-plan production amounting to 261 thousand tons. Production of associated petroleum gas amounted to 387 million cubic meters, which is 3% more versus the level of the same period last year. 148 thousand tons of NGL were produced and delivered.

150 new production wells were put into operation with the volume of crude oil produced from these wells amounting to 93 thousand tons. 16 wells were drilled at the licensed areas outside the Republic of Tatarstan, which produced 124 thousand tons of crude oil.

20 thousand tons of oil were produced at Ashalchinskoye field of extra-viscous oil during the first half of the year with an average daily production rate of 112.6 tons for the area. The amount of 85 thousand tons of extra-viscous has been produced from the pilot area since the beginning of the development.

47 billion rubles of profit before tax was received from the results of financial and economic activities, which is 26.5 billion more than in the first half of 2010.

The total investments amounted to 29 billion rubles.

The Board of Directors was briefed on the progress of implementing innovative technologies for the development of oil fields of the Republic. It was recommended to the Executive Management of the Company to continue introduction of new technologies for the purpose of further enhancing the oil production in the Republic of Tatarstan.

The Board of Directors discussed the results of applying the oil field equipment reconditioning technologies. The cumulative economic benefit from these activities for 2005-2010 amounted to over 9 billion rubles.

The Board of Directors also considered a number of other issues of TATNEFT's activity.