Board of Directors of OAO TATNEFT Summarized Results the First Half of 2010 Print version

21.08.2010

A regular meeting of the Board of Directors of OAO TATNEFT, chaired by R.N. Minnikhanov, President of the Republic of Tatarstan - Chairman of the Board of Directors of OAO TATNEFT, was held in Almetyevsk (Republic of Tatarstan) on August 21, 2010.

The meeting reviewed the outcome of the budget of OAO TATNEFT for seven months in 2010 and approved the budget for September of this year, and also discussed the results of financial and economic activity of OAO TATNEFT for the first half of the year.

During the reporting period the Company produced 12.816 million tons of crude oil from its fields with above-the-plan production amounting to 220 thousand tons. 44.9% of the total amount of crude oil was produced through application of up-to-date methods of oil recovery enhancement. Production of petroleum associated gas amounted to 375.5 million cubic meters. 145 thousand tons of liquefied petroleum gas were produced and delivered.

171 new wells were put into operation. The amount of 11.1 thousand tons of oil was produced at Ashalchinskoye extra-viscous oil field with an average production rate for the area amounting to more than 61.1 tons per day. In aggregate more than 49 thousand tons of oil has been produced within the area since the beginning of the pilot development. 6 wells were drilled and the amount of 123 thousand tons of crude oil was produced in the licensed areas outside the Republic of Tatarstan.

20.6 billion rubles of before tax profit were received as a result of financial and economic activities.

In accordance with the investment program of OAO TATNEFT the Company spent 5.7 billion rubles of investments, including 3.7 billion rubles for production and exploratory drilling.

The Board of Directors was briefed on the effectiveness of health care rendered by the Medical Centre (Medanchast) of OAO TATNEFT and the city of Almetyevsk to the employees of TATNEFT Group of Companies, and also on the necessity of information technologies application in this area This work shall be carried out in accordance with the federal project "Unified electronic map" and the republican project "Electronic Tatarstan.

The Board of Directors also considered several other issues of OAO TATNEFT's activity.

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