Tatneft' : Regular Meeting of the TATNEFT’s Board of Directors Was Held

A regular meeting of the PJSC TATNEFT's Board of Directors chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan on March 20, 2017.

In the course of the work, the Board of Directors summed up the results of the Company's budget execution for two months of the current year and approved budget amounts for April and the second quarter of 2017.

The meeting participants discussed the progress in implementing the project for the development of high-viscosity oil fields. As of March 1, 2017, the cumulative production volume amounted to 1 million 997 thousand 278 tonnes of EVO with operating well stock amounting to 602 wells. The main share of the extracted crude fell on the Ashalchinskoe, Bolshe-Kamenskoye and Nizhne-Karmalskoye uplifts. Currently, active work is underway to introduce new technologies for the development and production of high-viscosity oil fields order to reduce operational costs.

Within the framework of the agenda, the Board of Directors adopted a new version of the Corporate Management Code, and also discussed the issues related to the identification of an audit firm for the PJSC TATNEFT's accounts auditing by IFRS and RAS for 2017 to the annual general meeting of shareholders.

The Board of Directors' meeting also considered a number of other issues of the Company's activity.