Board of Directors of Tatneft Oil Company sum up results of the first half of 2014

On August 28, at Tatarstan Government House, a regular board meeting of Tatneft Oil Company chaired by Tatarstan President Rustam Minnikhanov was held. The Board reviewed the company’s budget performance for seven months of 2014, approved the budget for September of the current year and discussed the results of the financial and economic activities of the company in the first half of the year.

During the reporting period, the company's fields produced 12.986 million tonnes of crude oil, which is 0.4 per cent higher as compared to the same period last year. The volume of produced associated petroleum gas amounted to 435 million cubic meters, which is 2.2 per cent higher versus the same period in 2013.

A total of 131 new production wells were put into operation, which produced 115.6 thousand tonnes of crude oil. The Ashalchinskoye extra-viscous oil field produced 106,800 tonnes of oil in the first half of the year. By and large, 432,400 tonnes of extra-viscous oil have been produced since the beginning of the deposit development.

The gross proceeds from the sale of products shipped during the reporting period amounted to 305 billion roubles. The net revenues (net of VAT and export duties) increased by 23.4 per cent compared to the same period last year and amounted to 207 billion roubles.

The net profit amounting to 48.4 billion roubles was obtained based on the results of the financial and economic activities. The total investments of the Tatneft Group amounted to 24.1 billion roubles with 13.8 billion roubles allocated for the crude oil production sector.

The Board also considered a number of other issues of the Tatneft activities.