OREANDA-NEWS. December 26, 2013. The regular meeting of the Board of Directors of JSC TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan (Republic of Tatarstan).

The Board of Directors reviewed the budget execution of JSC TATNEFT for eleven months of 2013 and approved the budget for January and the first quarter of 2014.

The participants of the meeting were presented to a report on the preliminary results of the geological exploration works in 2013 and the exploration plans for 2014. In 2013, JSC TATNEFT ensured the increment of commercial recoverable oil reserves in the amount of 35 million tons.

The volume of geological exploration works for 2013 stipulated by the license agreements was fully completed. The well exploration drilling success ratio amounted to 78%. 2D seismic work was performed in the volume of 873 linear kilometers, while 3D seismic survey covered the area of 1,200 square km.

The plans for 2014 provide for continuation of geological exploration operations   at the license areas of the holding within the Republic of Tatarstan and outside of Tatarstan  and at external territories.

The participants were briefed on the promotion of small and medium-sized business in the south eastern part of the Republic of Tatarstan. The JSC TATNEFT’s program of supporting the entities of small and medium-sized business has resulted in the creation of more than 2 thousand jobs over the last ten years; the volume of the products sold by the entrepreneurs amounted to 2.4 billion rubles with tax deductions in excess of 400 million rubles coming to the consolidated budget.

The Board of Directors meeting also reviewed the work plan of the Board of Directors of JSC TATNEFT for the first half of 2014.