OREANDA-NEWS. December 29, 2011. A regular meeting of the Board of Directors of OAO TATNEFT, chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Almetyevsk on December 28, 2011.

The Board of Directors reviewed the budget execution of OAO TATNEFT for eleven months of this year and approved the budget for January and the first quarter of 2012.

The information about the effectiveness of horizontal drilling complex design small-diameter wells and the well rehabilitation through application of side tracking for penetration of lateral wellbores was presented to the Board of Directors. The cumulative crude oil production for the entire period of operating the wells with horizontal wellbores amounted to more than 6.9 million tons and the one of downhole splitters amounted to more than 1.2 million tons.

The Board of Directors discussed the information on the personnel management work with students, as well as interaction with educational institutions. A separate subject of discussion was the development of the corporate e-University. Over 5000 persons had completed a variety of courses offered by ECU in the year expiring. The project was highly praised by the Board of Directors participants and it was recommended to the Company's executive management to ensure ECU staffing and financial support.

The Board of Directors also discussed a number of other issues of OAO TATNEFT activities.