Major Investment Programs in 2009
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«Oil Production Program»
In 2009 the planned volume of additional oil production in total by all areas of the investment activity in the territory of the Republic of Tatarstan was overfulfilled. Actual efficiency of investments amounted to 152.7 tons/million rubles. Application of new technologies in drilling and high quality selection of wells in comparison with the previous year resulted in increase of flow rates after drilling by 8% coming up to 9.5 tons per day. The effect of introducing individual well budgets in drilling in calculation of the cost of production wells totaled 286 million rubles in 2009.
The work has been carried out to develop the estimate standards for exploratory drilling, slim-hole drilling, sidetracking operations, drilling of horizontal wellbores and drilling of wells in Samara and Orenburg Regions. 2.3 billion rubles were invested to perform geological exploration works and well drilling operations as part of expanding the resource base and increasing oil production volumes outside the Republic of Tatarstan.
Pilot operations were continued at Ashalchinskoye extra-viscous oil field. 825 million rubles of investment money were spent in the current year for implementation of the development project.
In 2009, the work was continued on implementing the project to change the process flow diagram of collection, transportation of oil and organization of a separate treatment and recording the oil from the worked out deposits of the oil production structural divisions. This allowed the Company to obtain the benefits of the mineral extraction tax in the amount of about 7 billion rubles, of which 1.8 billion rubles were invested in drilling, capital construction, equipment and performance of additional geological engineering activities.
The Company continues expanding outside the Russian Federation. Geological exploration operations were continued in Libya, where two exploration wells were drilled. A commercial discovery of South Kishma oil field with recoverable reserves of 4.82 million tons was announced in Syria. The work was started on establishment of the Al Bu Kamal Petroleum Joint Company, which will develop the field.
Construction of the Complex of Oil Refining and Petrochemical Plants in Nizhnekamsk
73.7 billion rubles were invested in the Complex of oil refining and petrochemical plants in Nizhnekamsk in 2009. Overall, about 126 billion rubles has been provided since the launch of the project. Utilization of the invested capital amounts accounted for 46.5 billion rubles in the current year, while the amount utilized from the beginning of the project implementation made 77 billion rubles. The Company outlined subsequent perspectives of the project implementation: this is deep crude oil refining through construction of a hydro-cracking complex with production of motor oils and increase of the crude oil throughput capacity to 14 million tons per year.
Development of Petrochemical Complex
Total investments into the Company’s petrochemical complex amounted to 7,249 million rubles.
Organization of the Solid Metal Cord Tires Production
The factory manufacturing 1.2 solid steel cord tires per year was launched in December 2009. The amount of 13.6 billion rubles was utilized from the beginning of the construction, while the amount of 6.4 billion rubles was spent during the reported year.
Retail Business Development
647 million rubles were invested in the reported period for implementation of the Retail Business Development Strategy of OAO TATNEFT for the period of 2007-2011. 29 facilities were commissioned including 27 petrol filling stations.
Production of Glass Fiber and Products on its Basis
Implementation of the project with 74.5 million Euro investment amount started in 2008 with an expected payback period of 6.5 years. The project implies organization of production jointly with Preiss-Daimler Company of high quality glass fiber and glass fiber products to be used in various fields of industry. Construction of the industrial and administrative buildings was completed during the year of the report and contracts for equipment supply were concluded. Erection works as well as equipment start-up operations were on the way in the glass fiber processing shop, while concurrently the construction/erection works were performed at the site of the glass fiber production shop. The amount of over 1.8 billion rubles was financed on
this project.
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