Rustam Minnikhanov holds a meeting on the results of work of small oil companies in the first three months of 2026

On May 28, in the Government House of the republic, the Rais (Head) of Tatarstan Rustam Minnikhanov held a regular meeting with small oil companies of Tatarstan with participation of senior executives of oil-producing companies, as well as representatives of the Volga Region Department of the Federal Service for Environmental, Technological and Nuclear Supervision (Rostekhnadzor) and other agencies and dedicated to results of their work in the first three months of 2026.

Opening the meeting, the Rais of the republic informed than in the first three months of the current year the global economy faced serious structural challenges that significantly affected the international oil market. The escalation of the conflict in the Middle East and the blockage of the Strait of Hormuz led to a sharp rise in oil prices in March, which continued in the following months.

At the same time, he noted that the economy of the republic remains stable. According to Rustam Minnikhanov, a total of 8.69 million tonnes of oil were produced in the first quarter, including 1.655 million tonnes extracted by small oil companies.

The Director General of the Nefteconsortsium Rafael Mingazov reported on the results of work of small oil-producing companies during the first quarter of 2026, namely small oil companies of the republic produced 1.655 million tonnes of oil during the reported period with the share accounted for 19 percent of the republic’s total oil production. Twenty-five companies exceeded their production targets. Significant overachievement was recorded by companies such as Tatoilgaz, Sheshmaoil, SMP Neftegaz, Tateks, and others.

A total of 45,000 meters of rock formations were drilled through production drilling operations and 42 new wells were commissioned. The plan for 2026 envisages drilling 158,000 meters of rock formations. During the first quarter, oil companies allocated 3 billion roubles to capital investments.

During the first quarter, small oil companies also produced 23 million cubic meters of associated petroleum gas.

Minnikhanov thanked the small oil companies for their efficient work and said that the oil industry remains the foundation of the republic’s economy and that oil-producing companies make a significant contribution both to the economic development of Tatarstan and to the economy of the Russian Federation as a whole.