OREANDA-NEWS. On 24 November 2016 a regular Tatneft’s Board of Directors meeting, chaired by the President of Tatarstan R.N. Minnikhanov, was held in Kazan.

The results of operational and financial performance for the 9 months of 2016 were presented to the Board. Total crude oil production by Tatneft (excluding subsidiaries) was 20 million 851 thousand tonnes, which is 4.9% higher than in the same period of last year. 328 new production and 422 injection wells were put into operation. The volume of associated petroleum gas collected upon production was 700 million cubic meters, which is 4.8% higher than during the same period of 2015.

Gross sales revenue in the 9 months of 2016 was 427 billion Rubles. The financial statements of PJSC Tatneft under Russian Accounting Standards were published on 28 October 2016.

The Board of Directors approved the cash flow budget of Tatneft for 2017 (on non-consolidated basis) prepared on the basis of base operational and financial projections for the next year. All planned expenditures under the budget are fully covered by the projected receipts from sales and other activities without the need for raising external long-term financing.

The Board of Directors reviewed the production and exploration and development activities plans for 2017. The expected total crude oil production by Tatneft Group in 2016 is 28.5 million tonnes (4.6% growth year-on-year) of which 28.2 million tonnes by PJSC Tatneft (including 833 thousand tonnes of highly viscous oil (HVO)) and 353 thousand tonnes by subsidiaries. Most of the growth is attributed to the expansion of development activities – wells operation optimization, sidetrack drilling and horizontal sidetracking, hydraulic fracturing jobs and others. Assuming the implementation of all planned development projects and activities in 2017 the projected total production for next year is estimated at 29 million 349 thousand tonnes of crude oil, including 27 million 434 thousand tonnes of conventional oil (by PJSC Tatneft), 1 million 573 thousand tonnes of HVO and 342 thousand tonnes of crude oil by subsidiaries.