The First Meeting of TATNEFT's Board of Directors This Year Print version

01.02.2010

A regular meeting of the Board of Directors of OAO TATNEFT chaired by R.N. Minnikhanov, Prime Minister of the Republic of Tatarstan, was held in Kazan on February 1.

The Board of Directors summed up the budget execution of OAO TATNEFT for 2009 and approved the budget for February 2010.

The Board of Directors was informed about comliance with the norms of crue oil production and reserves growth for 2009. During the reporting period the amount of 25.85 million tons of crude oil (100.33% versus 2008) was produced from the fields of the Company. 280 new production wells were commissioned, 38 horizontal wellbores and 9 bottomhole splitters were drilled. The average production rate of the new wells put into operation after drilling amounted to 9.5 tons per day. Application of the enhanced oil recovery methods accounted for the production of about 45% of the total volume of crude oil produced. The pilot operation projects of extra-viscous oil production were continued quite successfully. In 2009, more than 18.4 thousand tons (over 38.1 thousand tons of oil from the beginning of pilot operations) were produced at Ashalchinskoye field and 5 thousand tons of extra-viscous oil were produced at Mordovo-Karmalskoye field.

TATNEFT is developing 82 crude oil fields within its licensed territories. In 2009 the Company achieved growth of crude oil reserves in the amount of 44.5 million tons in the Republic of Tatarstan, including 40.9 million tons of categiry C1+C2 reserve throgh geological exploration activities, while the growth of C1+C2 reserves for the Holding Company (including Syria, the Kalmyk Republic, the Samara and Orenburg regions) amounted to 63 million tons of crude oil and 4 billion cubic meters of gas. 3 oil fields: Shadkinskoye, Zapadno-Repinskoye and Severo-Boghemskoye were put into trial operation. All the planned geological engineering activities for 2009 have been fulfilled.

The Board of Directors reviewed the activity results of the Internal Audit Department of OAO TATNEFT in 2009 and approved a plan of works for 2010.

The Board of Directors listened to the information on the preparations for the commemoration of the 60th anniversary of OAO TATNEFT establishment. Particular attention will be paid during the year to honoring and providing additional material and other assistance to the honored veterans of the oil region of the Republic. There are also plans to arrange special scientific and practical conferences, as well as a number of festive events. It has been decided that the main anniversary celebration events to be held in Almetyevsk will be timed to September 4, Day of the Oil and Gas Industry workers of Russia.

The Board of Directors also discussed a number of issues related with preparation of the Annual General Meeting of the Company’s Shareholders on the Company’s activity results in 2009. The meeting will be held in Almetyevsk (Republic of Tatarstan), at the "Neftche" Palace of Culture at 10.00 am Moscow time on June 25, 2010. The Board of Directors approved the participants’ registration procedure. Pre-registration will be arranged at 10, Gagarina Street, Almetyevsk (Property Department of OAO TATNEFT) from 8.00 am to 5.00 pm during the period of June 15 to June 24, 2010. The registration on the meeting day will be held from 08.30 in the building of the "Neftche” Palace of Culture. The list of persons eligible to participate in the meeting will be compiled based on the data from the register of shareholders of the Company as of 08.00 am, May 10, 2010. Under Article 56, Paragraph 1 of the Federal Law “On Joint Stock Companies" the functions of the Counting Commission will be carried out by the Company's Registrar.

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

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