TATNEFT
A regular meeting of the Board of Directors of JSC TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan (Republic of Tatarstan) on October 1, 2014.
The meeting discussed the budget performance of JSC TATNEFT for eight months of 2014 and approved the budget for October and the fourth quarter of the current year.
The Board of Directors was informed about the program of developing extra-viscous oil fields. Currently there are 31 pairs and 7 single cyclic-steam stimulation wells at Ashalchinskoye oil field in operation with the total average daily production exceeding 700 tons. The experts of the Construction Projects Department of the Company had elaborated an action plan for further development of the Project. It was pointed out at the meeting that the plan's successful implementation would allow achieving the annual production of extra-viscous oil in the amount of 2 million tons by 2017.
The Board of Directors discussed the information about improvement of the reservoir pressure maintenance system. To this end, there is a program being implemented at the Company designed for a period from 2011 to 2015. This program involves implementation of geological and technical activities, including insulation works to seal the production casing, grouping of wells by reservoir properties in order to create optimal conditions for fields' development, operational reliability improvement of discharge water supply conduit sections, installation of individual booster pumps at wellheads and introduction of the inter-well pumping technology.
The issues of the Company's tire production development were discussed and the effectiveness of the financial and economic activities of the Company's subsidiaries and affiliates was assessed at the meeting.
The Board of Directors also considered a number of other issues of the JSC TATNEFT's activities.
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