A regular meeting of the Board of Directors of OAO TATNEFT was held in Kazan (Tatarstan) on April 26, 2012. The Board of Directors discussed the results of the Company’s budget execution for three months of 2012 and approved the budget for May.
The Board of Directors discussed the results of financial and economic activities of OAO TATNEFT in 2011.
25 million 929 thousand tons of crude oil were produced at the Company’s fields last year exceeding the level of 2010 by 65 thousand tons. The amount of 226 thousand tons of crude oil was produced at the licensed fields of the Company’s subsidiaries in the Russian Federation outside Tatarstan.
Extra-viscous oil production at Ashalchinskoye field amounted to 42,000 tons with the total production from the beginning of the field development amounting to about 107 thousand tons as of January 01, 2012.
Mean time between failures operation of the wells reached 1,142 days. This is still the highest index among the major oil companies in the country.
Implementation of the resource saving program continued and implemented activities resulted in decreasing the specific energy consumption for production of crude oil by 0.7% compared to 2010.
The net revenues (excluding VAT and export tax) increased by 23.5% compared with the corresponding period of 2010 and amounted to 318.6 billion rubles. The net profit for 2011 amounted to 54.9 billion rubles.
The total amount of taxes and payments, including the export tax, charged to all budget levels amounted to 321 billion rubles.
65.8 billion rubles were directed to execution of the investment program for all production activities of TATNEFT Group of Companies, including 26.7 billion rubles for crude oil production and 36.2 billion rubles for the construction of the Oil Refining and Petrochemical Complex
The Board of Directors was presented the information about the annual general meeting of shareholders, as well as about the composition of OAO TATNEFT’s Board of Directors, and also considered a number of other issues of the Company’s activities.
The Board of Directors considered the issue of dividends payment for 2011.
The Board of Directors approved the agenda of the General Annual Shareholders’ Meeting.