Rustam Minnikhanov takes part in annual meeting of Tatneft Oil Company shareholders

On June 26, in Almetyevsk, Interim President of the Republic of Tatarstan took part in an annual meeting of Tatneft Oil Company shareholders.

General Director of Tatneft Nail Maganov made a report on the activities of the company in 2014. According to him, the company has successfully solved strategic objectives to stabilize oil and gas production, strengthening of the resource base, development of oil refining, petrochemical and power system. The planned figures of production were fulfilled and high financial and economic indicators were ensured.

According to the Miller and Lents, an independent international consulting company, the proved developed, undeveloped and undrilled reserves of the Tatneft company amounted to 851.5 million tonnes of oil as of the beginning of 2015. The total production volume of the Tatneft Group increased to 26.529 million tonnes in 2014.

Speaking at the meeting, Maganov pointed out that the company continued active development of Ashalchinskoye extra-viscous oil field. The volume of production reached 237,000 tonnes in the reporting year, while the cumulative production from the field amounted to 562,000 tonnes of extra-viscous oil.

Active involvement of EVO reserves into the development is a strategic goal of the Company to ensure a sustainable growth of oil production. As part of the heavy oil reserves development, it is planned to increase production of EVO up to two million or more tonnes per year.

Besides the development of the EVO reserves, the Tatneft launched a programme for the development of Domanik deposits and application of technologies and methods to stimulate the reservoirs with low filtration characteristics.

For the purpose of the study and implementation of the exploration innovative methods and development of EVO fields an Agreement was signed between the Ministry of Natural Resources of the Russian Federation and the Republic of Tatarstan on establishment of scientific polygons with the plans providing for development of two polygons at the Tatneft company ("Domanik" and "Bitumen"). Any interested investors are welcome to take part in these activities.

According to the rating of the world's innovators, published in May this year by Thomson Reuters Company, the Tatneft ranked number one in the list of the best European innovative companies in the field of exploration.

According to General Director of the company, geological and technical measures and a set of measures applied to improve field development technologies are an important factor in implementing the crude oil production program. A significant effect is produced by application of dual completion technologies for simultaneous operation of two or more layers through one well/which allows increasing the intensity of development and efficiency of exploitation. The areas of development and application of these technologies are being expanded. At the beginning of this year, the dual completion and dual water injection facilities were installed at more than two thousand well sites.

The company continues implementing the policy measures to maximize economic benefits and improve the profitability of the production assets, provide for production costs control, develop and implement innovative technologies and equipment.

The company pays special attention is to maintaining the social well-being and a decent standard of living of the workers and creation of the conditions for their professional growth. All the commitments envisaged by the Collective Agreements for 2014 were met.

Among the priorities there are strategic projects for the development of the downstream sector, hard-to-recover oil fields development, as well as increasing of the volume of geological and technical measures in order to stabilize and increase oil production volumes.