OREANDA-NEWS. August 29, 2012. A regular meeting of the Board of Directors of TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Almetyevsk, reported the press-centre of TATNEFT. 

The meeting reviewed the budget execution of TATNEFT for seven months in 2012 and approved the budget for September of this year, as well as discussed the results of the financial and economic activity of TATNEFT in the first half of the year.

During the reporting period the Company's fields produced 12.913 million tons of crude oil with the above-the-plan production volume amounting to 287 thousand tons. Production of associated petroleum gas amounted to 414 million cubic meters, which was 7.1 percent higher versus the same period last year.

136 new producing wells were put into operation with the volume of crude oil produced by these wells amounting to 88 thousand tons. The amount of 146.6 thousand tons of crude oil was produced and 16 wells were drilled at the licensed areas outside the Republic of Tatarstan.

30.4 thousand tons of oil were produced at Ashalchinskoye extra-viscous oil field during the first half of the year with an average production rate for the area amounting to 200 tons per day. The total production since the beginning of the field development amounted to 137.2 thousand tons of extra-viscous oil.

The gross proceeds from the sale of products shipped during the reporting period came to 257 billion rubles. The net revenues (excluding VAT and export duties) increased by 10 billion rubles compared to the same period last year and amounted to 161 billion rubles.

According to the results of the financial and economic activity 39 billion rubles were received, while the net profit amounted to 30 billion rubles. The amount of taxes and payments to all the levels of the budget for the reporting period made 151.9 billion rubles. The consolidated budget of the Republic of Tatarstan was credited with 12 billion rubles.

The total investments for the TATNEFT Group of companies amounted to 23.3 billion rubles with 11.3 billion rubles directed to the oil production area.

The Board of Directors was informed about the real time horizontal well drilling process control. As part of drilling facilities modernization the funds were allocated for the acquisition of up-to-date equipment, which allows drilling of horizontal wellbores with a high accuracy and within the most productive part of the reservoir.

The meeting considered the results of Capstone gas turbines application for associated petroleum gas utilization in "TATEX". Implementation of these systems had proved to be effective and a decision was taken to apply the named units at the sites of TATNEFT.

The Board of Directors also considered a number of other issues of TATNEFT activity.