Rustam Minnikhanov holds a regular board meeting of Tatneft Oil Company

On February 27, at the Government House of the republic in Kazan, Tatarstan President Rustam Minnikhanov held a regular board meeting of Tatneft Oil Company.

The meeting considered information about the fulfilment of tasks and the implementation of projects in the field of information technology. In 2018, the main effect was achieved due to the implementation of the following projects: the development of methods and information-based tools to form an effective investment portfolio of the сompany, pricing management at OOO Tatneft-Neftekhim Management Company, the creation of a single structured production data base of the Exploration and Production Section, the improvement of the business process of pricing for oil products, the optimization of resource consumption without loss of product quality at TANECO Refinery. The key IT projects for implementation in 2019-2020 with an expected economic effect in the amount of 12 billion roubles were identified.

The Board discussed the dynamics of changes in the ratio of reserves and crude oil production in accordance with the Strategy 2030. As of January 1, 2018, proven, probable and possible crude oil reserves were estimated by the independent Miller & Lents company in the amount of 1,303 million tonnes (proven - 866.5 million tonnes), which provides the Tatneft’s capability of crude oil production for 36 years.

As of January 01, 2019, the company had 98 licenses for geological study, exploration and mining of mineral resources. According to the company’s estimation, the increment of recoverable oil reserves for 2018 in all geological categories amounted to 30.9 million tonnes, while the annual production made 29.5 million tonnes with the expected reserves increment in the amount of 32.6 million tonnes of oil in 2019.

The meeting considered results of the implementation of the investment programme for 2018. The main volume of investments was allocated to the exploration and production of crude oil, including HVO, as well as to the development of oil refining. The Board also considered the investment programme for 2019, under which finds will be allocated for reaching objectives set forth in the Strategy 2030.

The meeting determined the date and venue to hold a general meeting of shareholders of Tatneft Oil Company on results of work in 2018. It will be held in Almetyevsk on June 21, 2019.