OREANDA-NEWS. A regular meeting of the JSC TATNEFT's Board of Directors was held in Kazan (Tatarstan) on April 27, 2015. The Board of Directors summed up the results of the Company's budget execution for the first quarter of this year and approved the budget for May 2015.

The Board of Directors discussed the results of the financial and economic activities of JSC TATNEFT in 2014.

Last year the Company's fields produced 26 million 223 thousand tons of crude oil, which was .4% above the level of 2013. 255 new production wells were put into operation. The Company's subsidiaries produced 307,000 tons of crude oil at the licensed fields outside Tatarstan in the Russian Federation.

During the reporting period, the Company produced and delivered 276 thousand tons of gas liquids, while the total volume of produced associated gas amounted to 884 million cubic meters. The volume of extra-viscous oil produced at Ashalchinskoye field amounted to 237,000 tons, while the amount produced from the beginning of its development as of January 1, 2015 exceeded 562,000 tons.

The net proceeds (net of VAT and export duties) amounted to RUR 392.4 billion. According to the results of financial and economic activities, the pretax profit received amounted to RUR 104 billion. The net profit amounted to RUR 82 billion. The total amount of taxes and payments charged to all the levels of the budget came to RUR 313.8 billion.

TATNEFT Group of Companies spent RUR 68.4 billion for the investment program execution of all types of industrial activities, including RUR 41.6 billion spent in the area of crude oil production and RUR 18.7 billion for crude oil refining.

The Board of Directors discussed the program of supporting scientific research in the area of crude oil production and refining in collaboration with the leading research and educational institutions located in the territory of the Republic of Tatarstan.

The meeting participants discussed the implementation progress of the investment program. It was pointed out that the investments had provided for production of 2.2 million tons which was 10% higher than the planned figure. The most effective efforts involved application of enhanced oil recovery methods, hydraulic fracturing, as well as wells' dual completion and production.

The information about dividends payable on the shares of TATNEFT, as well as information about the annual general meeting of the Company's shareholders was presented to the meeting. The Board of Directors also considered a number of other issues of the Company's activities.