Tatneft Gets Extension for Romashkinskoye Field
In July 2006 the Russian Federal Agency for Use of Subsoil and OAO Tatneft signed an addendum to License TAT 10572 NE for the use of subsoil for the purposes of oil and gas production at Romashkinskoye oil field that extends the term of the OAO Tatneft's license for this oil filed until July 2038.
Romashkinskoye oil field is the largest and the oldest among those developed by OAO Tatneft. The Chief Geologist of OAO Tatneft, commenting on the extension of the license, said: "Romashkinskoye is a historical oil field. It played a very important role in the development of oil production industry of our country and despite its high depletion remains one of the most important oil fields in Russia whose potential has not being fully realized."
Romashkinskoye is located in the Republic of Tatarstan and was discovered in 1948. Production from this oil field began in early 1950s and reached its peak in the second half of 1970s. Currently Romashkinskoye oil field is one of the largest oil fields in the world. According to the report of Miller and Lents, independent oil and gas consultants, Romashkinskoye proved oil reserves (SPE) as of 1 January 2006 were 3.255 billion barrels which constitutes 55.6% of all proved oil reserves of OAO Tatneft.
Taking into account high depletion of Romashkinskoye oil field (more than 80%), according to OAO Tatneft's experts, starting from 1 January 2007, when recently approved amendments to the Russian Tax Code will come into effect, oil production from this oil field will be subject to the reduced rate (with application of the discount tied to depletion levels).
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