Russia’s Tatneft board discusses 2013 performance

A regular meeting of the Board of Directors of 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) on April 28, 2014.   
                                                 
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.

The net income of the Company for 2013 amounted to 63.9 billion rubles.

Source: Tatneft Press Office, 2014