A regular meeting of the Board of Directors of PJSC TATNEFT, chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Almetyevsk on January 29, 2016.

The Board of Directors summed up the budget execution of PJSC TATNEFT for 2015 and approved the budget for February of the current year.

The Board of Directors discussed the implementation of programs for geological study of Domanik and bituminous deposits. The TATNEFT Company's resource potential was 1.2 billion tonnes as of January 01, 2015, including the proven reserves amounting to 843 million tonnes, probable - 323 million tonnes and possible - 9 million tons of conventional oil. The unconventional commercial oil reserves are estimated at 166.4 million tonnes, including Domanik sediments - 40 million tonnes and HVO (high-viscosity oil) - 126.4 million tons. Research and methodological works on oil exploration, development and production are carried out at the scientific test grounds 'Domanik' and 'Bitumen'. The need was pointed out to develop a set of stimulating measures, including the state support in the area of the subsurface resources geological study, contributing to the faster growth of the resource base and increase of hard-to-recover oil production.

The information about the outcome of the Internal Audit Department activities was presented to the Board of Directors. During the reported period its experts carried out 11 planned projects on various aspects of the financial and economic activities of the Company. Based on the audit there were recommendations made for improving the control over the activities of the subsidiaries and affiliates, transition to an automated procedure for determining the oil flow rate by the wells, improving the accuracy of calculating the profitability of the operating wells, regulatory monitoring of the targeted use of the funds for charity. The Department was also actively involved in the implementation of ad hoc projects, including improvement of the services and material and technical resources procurement process, as well as the operation of the corporate 'hot line'.

The Board of Directors also discussed a number of issues on the preparation of the annual general meeting of shareholders on the results of 2015.

At the conclusion of the PJSC TATNEFT's Board of Directors meeting Rustam Minnikhanov, President of Tatarstan, presented state awards. Following Decree of the President of the Republic of Tatarstan for significant contribution to the development of the oil industry in the Republic and many years of strong performance I.G. Garifullin was awarded the 'Duslyk' Order, while M.Z. Taziev was awarded the 'Order of Merit of the Republic of Tatarstan'.

OAO Tatneft issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 February 2016 14:36:02 UTC

Original Document: http://www.tatneft.ru/press-center/press-releases/more/4388/?lang=en