OREANDA-NEWS. May 04, 2010. A regular meeting of OAO TATNEFT Board of Directors chaired by R.N. Minnikhanov, President of the Republic of Tatarstan - Chairman of the Board of Directors of OAO TATNEFT, was held in Almetyevsk (Tatarstan), reported the press-centre of Tatneft.

The Board of Directors considered budget performance of OAO TATNEFT for the first quarter and approved the budget for May 2010.
 
The Board of Directors discussed and adopted plans for oil production and performance of geological and technical measures (GTM) in TATNEFT for 2011-2012.

OAO TATNEFT crude oil production in the Republic of Tatarstan in 2011-2012 is planned in the amount of 25.4 million tons per year (including 54.6 and 124.2 thousand tons of extra-viscous oil, respectively), while the production at licensed sites in other regions of the Russian Federation will amount to 288.8 thousand tons in 2011 and 292.5 thousand tons in 2012.

Major volume of the GTM to ensure fulfillment of the oil production plans in 2011-2012 include drilling of new wells and existing wells workovers. On top of this there is a program for rehabilitation of old wells by sidetracking lateral branches, lateral horizontal wellbores and bottomhole deepening.

The Board of Directors approved the agenda of the Annual General Meeting of OAO TATNEFT shareholders on the results of operations in 2009, list of materials to be submitted to the shareholders, and a number of other preparation issues for the meeting. The information for the shareholders about holding the Annual General Meeting of the Shareholders will be published in the "Republic of Tatarstan" and "Watanym Tatarstan" newspapers, as well as in corporate publications "Petroleum News" and "Hazine".

The Board of Directors also considered payment of dividends on the results of OAO TATNEFT operation in 2009 and recommended their payment in the amount of 30 percent of the net profit obtained in 2009 based on the financial accounting statements by RAS (Russian Accounting Standards (656% to the face value of one ordinary and one privileged shares)

The Board of Directors also considered several other issues of OAO TATNEFT activity.