OREANDA-NEWS. On September 25, 2008 The Board of Directors of OAO Tatneft chaired by the Prime Minister of the Republic of Tatarstan Rustam Minnikhanov held its regular meeting in Kazan, reported the press-centre of Tatneft.

The Tatneft eight-month budget performance was reviewed and the IVQ2008 budget was approved at the board meeting.

The Board discussed the strategic challenges to introduce the innovative   technological solutions for oil field development and production throughout the whole oil production cycle. Currently, 87 per cent of the Company's injecting well stock is operating under the implemented non-stationary, cyclic waterflooding pattern.    

Interwell injection, dump flooding and dual injection operations are performed, as well as systematic stimulation of individual wells and reservoirs goes on in the oilfields.  Quite a number of modification of hydrofracturing, horizontal and multilateral drilling, well rehabilitation using sidetracking and horizontal lateral techniques, and slim hole drilling have been commercially demonstrated by the Company.

The Company successfully applies various technologies to mitigate the formation damage while its drilling and exposing. Dual completion techniques are broadly used in the Company. Thus, thanks to the variety technologies used to optimize oilfield development the average daily production rate of all producing wells in the Company has grown this year up to  4,2 tonnes per day from 3,76 tonnes per day in 2002. 

With high appraisals of the accomplishments achieved the Board of Directors instructed the Tatneft Executive Management to continue these activities.   

The report on the progress made in the Oil Refineries and Petrochemical Complex construction which is underway in Nizhnekamsk was presented to the Tatneft Board.

To manage and control business activities and render oil-related services in Turkmenistan the Board of Directors made the decision to set up Tatneft's subdivision as a branch office as well as approved the relevant Regulations. 

A number of other issues related to Tatneft's business were tackled at the board meeting.