OREANDA-NEWS. May 05, 2014. A regular meeting of the Board of Directors of JSC TATNEFT chaired by Rustam Minnikhanov, President of the Republic of Tatarstan, which summed up the budget execution of the Company for  three months in 2014 and approved the budget for May of the current year, was held in Kazan (Republic of Tatarstan).      

The Board of Directors discussed the results of the financial and economic activities of JSC TATNEFT in 2013.

The amount of 26 million 107 thousand tons of crude oil was produced from the Company’s fields in the past year accounting for 102 thousand tons increase versus 2012. 266 producing wells were put into operation.

The volume of produced associated petroleum gas for the reporting period amounted to 864.8 million cubic meters, which was 2.5 percent above the previous year volume.

The extra-viscous oil production volume at Ashalchinskoye field was 145,600 tons with the total production from the beginning of development amounted to 325,700 tons of EVO as of January 1, 2014.

The crude oil production volume from licensed fields of subsidiaries outside the Republic of Tatarstan in the Russian Federation amounted to 312 thousand tons of oil with 18 wells drilled.
During the reporting period works were continued on introduction of new equipment and technologies in drilling, crude oil production and wells workover operations. Such an approach provides for TATNEFT one of the highest rates of the well mean time before failure index among the major oil companies in Russia. By the end of 2013 the MTBF value in the Company amounted to 1,198 days.

An important area of TATNEFT’s operation is carrying out resource saving activities. In the frame of the resource saving program the Company saved more than 55 thousand tons of reference fuel of energy resources during the past year.

The net income of the Company for 2013 amounted to 63.9 billion rubles.
The Board of Directors discussed the progress of introduction of new technologies for the development and operation of JSC TATNEFT’s fields. To date, there have been established a crude oil production management system in the Company based on compensation of the oil production decline by increasing the production volume through implementation of the program of geological and technical measures, and today various geological and technical activities cover over 77 % of the operating well stock.

The information on the reconstruction progress of the Nizhnekamsk CHP-2 was presented at the meeting. The future CHP is inextricably linked to the activities of "TANECO". The plans for next stages of developing of the Oil Refining and Petrochemical Plants Complex envisage increasing crude oil refining volumes. Inter alia there will be a delayed coking unit operating in the Complex composition, which products will be used as fuel at Nizhnekamsk CHP.
The Board of Directors was briefed on the annual general meeting of shareholders, dividends on shares of TATNEFT and considered a number of other issues of the Company’s activities