OREANDA-NEWS. December 01, 2009. The meeting considered the budget execution of the Company for ten months and approved the budget for December of the current year. The meeting also discussed the results of financial and economic activities of OAO Tatneft during the first nine months of 2009, reported the press-centre of TATNEFT.

The amount of 19.329 million tons of crude oil was produced during this period with 8.7 million tons of oil produced through the application of enhanced oil recovery methods. 572 million cubic meters of associated gas were produced with production and delivery of 214 thousand tons of light hydrocarbon gas liquids. 248 production wells were put in operation during the reporting period. In general, the Company plans to maintain achieved crude oil production volumes at the level of the previous year.

The meeting also reviewed the progress in the development of high viscosity oil deposits in the Republic of Tatarstan. The operation of the pilot project at the Ashalchinskoye field with three pairs of horizontal wells during the first nine months of the year yielded 13.3 thousand tons of extra-viscous oil with a total production rate in the amount of 50.7 tons per day. The total production has exceeded 35 thousand tons volume since the beginning of the field development.

21 wells were drilled in areas outside the Republic of Tatarstan with the crude oil production out of them amounting to 192 thousand tons.

As a result of financial and economic activities the Company has received 58.6 billion rubles of pre-tax profit. 10.6 billion rubles of capital investments were spent during the reporting period in accordance with the investment program of OAO TATNEFT. The financial sustainability indicators are within the normative values.

Having appreciated the progress made, the Board of Directors instructed the executive management of the Company to proceed working in this area in accordance with the plans adopted, as well as to increase R & D for testing new technologies of domestic and foreign companies for the development, production and processing of extra-viscous oil.

The meeting of the Board of Directors also considered orders placement in the organizations of persons with disabilities.