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TATNEFT board of directors discussed results of operations for 9 months

November 28/ 12:14

Almetyevsk. A regular meeting of the Board of Directors of TATNEFT Company chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan on November 27, 2018.

The information on the financial and economic activities of PJSC TATNEFT for nine months of the current year was presented to the Board during the event. The volume of crude oil production amounted to 21.538 million tonnes, which was 0.6% higher than the level of the corresponding period last year (the entire TATNEFT Group production amounted to 21.791 million tonnes of crude oil). 328 new production and 198 injection wells were commissioned. The volume of collected associated petroleum gas amounted to 682 million cubic meters.

In accordance with Russian accounting standards, gross revenues from sales of products shipped by PJSC TATNEFT for 9 months of 2018 amounted to 694.6 billion rubles (867.7 billion rubles for the  entire TATNEFT Group), while the net revenues (excluding VAT, export duties and excise taxes) amounted to 586.6 billion rubles with the net profit accounting for 162.9 billion rubles. 

The information on the evolution of functions in the area of industrial, environmental safety and labor protection was presented to the meeting. Despite the leading position of the Company in this area, it has developed a set of additional measures. In particular, a project is being implemented related with the accounting for HSE factors in targeted business processes, a personnel training system is being developed with the introduction of a risk management system in the field of HSE, ISO standards, and the processing of internal regulatory documents are planned.

The Board of Directors considered plans for crude oil production and geological and technical operations for 2019. The plans provide that main volume of additional production will be ensured by the developments in such areas as drilling, hydraulic fracturing and the use of enhanced oil recovery methods. The approved production plans will be consistent with the “Strategy 2030” and can be adjusted if the Russian Federation concludes a new agreement with OPEC countries or its members on the level of crude production in order to achieve a balance of supply and demand at the world oil market.

The Board of Directors meeting also considered a number of other issues of the Company's activities.

 

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