Tatneft Puts 160 New Producers into Operation for First Half of 2008

A meeting of the Board of Directors of OAO Tatneft chaired by Rustam Minnihanov, the Prime Minister of the Republic of Tatarstan, was held in Kazan on August 27, 2008.

The Board of Directors reviewed the results of the Company's budget implementation for seven months of the current year, and it approved the budget for September 2008.

Tatneft Company produced over 13.8 million tons of crude for the first six (6) months of 2008 that is 0.7% up compared to the similar period in 2007. Approximately 45% of the total crude volume was produced through the application of advanced EOR methods. The production of associated petroleum gas made up over 377 billion sq.m that increases the level of the previous year by 1.6%.

160 new producers were put into operation.

The third pair of horizontal wells has been drilled at the Ashalchi super viscous oil field. During the first half-year, the company produced 6.6 thousand tons of super viscous oil; in aggregate over 15 thousand tons of super viscous oil have been produced from the commencement of development operations at the pilot area.
140,000 tons of crude were produced from the license areas located beyond the Republic of Tatarstan that is 1.9 times up versus the first half-year period of 2007.

By the results of the business and economic activity the Company's earnings (before tax) equal to some 39 billion rubles. According to the approved investment program, Tatneft Company invested 7 billion rubles during the reported period that is 19% higher versus the level of 2007.

The Company's financial indices correspond to the standard value. As of 01.07.2008, OAO Tatneft has no debts in the budgets for all levels.


 

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