Tatarstan President Rustam Minnikhanov chairs regular board meeting of Tatneft Oil Company

The Board summed up the results of the company’s budget execution for two months of 2016 and approved the budget for April and the second quarter of 2016.

The meeting discussed the current state of the works to increase the oil recovery and efficiency of the infill wells drilling. The Tatneft is developing 87 fields at 65 license areas with 84 fields and 61 license areas located in Tatarstan. Systematic and annual   introduction of the oil recovery enhancement technologies enables the company to incrementally produce 6.8 million tonnes of oil or more than 25 per cent of the total production volume. A significant role in increasing the efficiency of the enhanced oil recovery methods is given to application of horizontal drilling technologies. As of today, there are 812 horizontal wells drilled and operated with 111 multilateral wells and 356 lateral horizontal wells. In 2015 drilling horizontal wells in Severo-Ashalchinskoye, Tuymetkinskoye and Bolshe-Kamenskoye elevations was completed. Over the past few decades significant changes occurred in the structure of the reserves in the fields being developed and the new fields with considerable growth of the hard-to-recover oil reserves share. Cost-effective operation of these deposits provides for creation and implementation of new technologies.

The Board considered the issues related to selection of the audit company for auditing the 2016 statements in accordance with IFRS and RAS for the Annual General Meeting of Shareholders.

The agenda of the meeting also included some other issues of the company's activities.