OREANDA-NEWS. December 04, 2012. A regular meeting of the Board of Directors of JSC TATNEFT, chaired by RN Minnikhanov, President of the Republic of Tatarstan, was held in Almetyevsk (Republic of Tatarstan), reported the press-centre of TATNEFT

The meeting reviewed the budget execution of JSC TATNEFT during ten months of 2012, approved the budget for December and discussed the budget for 2013.

The information was presented to the Board of Directors on the key results of financial and economic activities of the Company. 19 million 456 thousand tons of crude oil were produced during nine months of this year, which is 0.3% more than the amount produced in the corresponding period of 2011 with the above-the-plan production in the amount of 444 thousand tons. The volume of associated petroleum gas amounted to 630 million cubic meters, which is 7.5% more than in the corresponding period of the last year.

The amount of 49.1 thousand tons of extra-viscous oil was produced at Ashalchinskoye field with an average daily production at the site amounting to 196.6 tons per day, while the cumulative production from this field since the beginning of development of the field amounted to 156 thousand tons.

The Company produced 226 thousand tons of crude oil outside the Republic of Tatarstan, which was 17.3% more than during the same period of 2011.

The gross proceeds from the sale of products shipped amounted to 412 billion rubles, while the net revenues (excluding VAT and export duties) increased by 13% compared to the same period of the previous year and amounted to 259.6 billion rubles. The financial and economic activities of the Company resulted in gaining 72 billion rubles of before tax profit with the net income amounting to 56 billion rubles.

The Board of Directors considered the innovation program in the subsurface management. The main directions for stabilization of crude oil production are large-scale implementation of innovative technologies and growth of the horizontal drilling volumes.

The Board of Director discussed the progress of the investment program implementation for crude oil production in the current year and the investment program for 2013.

The Board of Directors also considered a number of other issues of JSC TATNEFT activities.