Directors board of JSC “Tatneft” summarized first half-year 2011

Regular session of Directors board of JSC “Tatneft” chaired by President of Tatarstan Rustam Minnikhanov has been held in House of RT Government. Results of budget execution by JSC “Tatneft” for 7 months of 2011 have been considered the budget for September has been approved and results of financial-economic activity for the first half-year have been discussed.

For the reporting period 12,857 mln. tons of oil have been produced at company’s oilfields. 261 thousand tons of oil have been produced above the plan. Production of associated petroleum gas has made 387 mln. cubic meters which exceeds level of the same period last year by 3 %. 150 new producing wells were put into operation. Oil production at these objects made 93 thousamd tons.

By results of financial-economic activity 47 bln. roubles of profit were gained before taxation for 6 months of 2011 ( by 26,5 bln. more than in first half-year of 2010). Total volume of investments of “Tatneft” group of companies has made 29 bln. roubles. More than 10 bln. roubles have been contributed to the sphere of oil production.

Directors board also heard information about process of adopting innovative technologies in the sphere of development of oilfields in republic. Executives of the company recommended to continue implementation of new technologies to increase efficiency of oil production in Tatarstan in future.

Results of using technologies on restoring oil development equipment have been discussed as well at the session. Collected economic effect from the mentioned measures made in 2005-2010 more than 9 bln. roubles.

Other issues connected with activity of JSC “Tatneft” were also discussed at the session.