Regular Meeting of the TATNEFT’s Board of Directors Was Held
Kazan. R.N. Minnikhanov, President of the Republic of Tatarstan, chaired a regular meeting of the TATNEFT Company’s Board of Directors held in Kazan on November 30, 2017.
During the event, information was presented to the meeting about the financial and economic activities of PJSC TATNEFT for the nine months of 2017. The crude oil production volume amounted to 21.4 million tonnes, which was 2.6% higher than the corresponding period level of the last year. 644 new producing and 181 injection wells were put into operation. The volume of associated petroleum gas produced amounted to 698 million cubic meters.
According to the Russian accounting standards, gross revenues from sales of products shipped during the first 9 months of 2017 amounted to RUB 502.4 billion with net proceeds (excluding VAT, export duty and excises) amounted to RUB 417.5 billion, while net profit amounted to RUB 86.2 billion. The total volume of the TATNEFT Group’s investments amounted to RUB 63 billion.
The Board of Directors reviewed plans for the crude oil production and geological and engineering activities for 2018. The Board of Directors approved the production program, which provided for the production of 28.7 million tonnes of crude oil for the TATNEFT Group. In case of lifting the restriction provided for in the OPEC + countries agreement the volume of crude oil produced may be increased. The plans provide that obtaining the operating profit in this business line will be above the level stipulated in the Company's Development Strategy in case of any development of the situation.
A number of other issues of the Company's activity were also considered at the meeting.