Azat Hamayev participated in the regular meeting of the Board of directors of PJSC «Tatneft»

The regular meeting of the Board of directors of PJSC «Tatneft» took place in Kazan under the chairmanship of the President of the Republic of Tatarstan Rustam Minnikhanov today.

The action took place in an assembly hall of the Government house of the Republic of Tatarstan.

During the meeting information on financial and economic activities in nine months 2016 is heard.

The total amount of oil extracted by the «Tatneft» company (without subsidiaries), constituted 20 million 851 thousand tons that there is 4,9 percent above than the level of corresponding period of last year. 328 new production wells and 422 delivery wells are put into operation. The amount of collection of associated petroleum gas made 700 million cubic meters that there is 4,8 percent above than the level of corresponding period of 2015.

Revenue-gross from sale of the shipped products in 9 months 2016 constituted 427 billion rubles. The financial reporting of PJSC «Tatneft» of the name of V. D. Shashin in 9 months 2016 under Russian accounting standards was published on October 28, 2016.

The budget statement of movement of means of payment of the «Tatneft» company for 2017 (on an unconsolidated basis) developed on the basis of the basic forecast of financial and economic activities for the next year is approved. The planned expenses in all respects of the budget completely are covered by the predicted cash receipts from implementation and other activities without the need for attraction of long-term external financing.

The board of directors of the company considered plans of oil extraction and geological and technical actions for 2017. The expected oil extraction amount on the Tatneft group in 2016 makes 28,5 million tons (height of 4,6 percent in comparison with 2015), from them 28,2 million tons — in the «Tatneft» company (including 833 thousand tons of superviscous oil (SVO) and 353 thousand tons — in subsidiary companies. The main growth of production is connected with expansion of geological and technical actions – optimization of operating modes of wells, drilling and kickoff of side and side horizontal trunks, carrying out hydraulic fracturing of layer and so forth. As the result of implementation of all planned projects and geological and technical actions in 2017 is predicted to extract 29 million 349 thousand tons of oil, including traditional – 27 million 434 thousand tons, SVO – 1 million 573 thousand tons, 342 thousand tons - on subsidiary companies.

Having considered and having discussed information on exploration works in the company, the Board of directors approved the strategy of geological exploration, the purpose and the innovative actions in case of production of exploration works till 2025 directed to preserving growth of oil extraction after the planned achievement of level in the amount of more than 30 million tons of oil a year to 2020, the task of ensuring direct reproduction of inventories in the amount of more than 36,7 million tons per year by 2025 is set.

Forward-looking statements: This press release and materials to which it refers contain certain statements concerning future events and expectations which are forecasts for the nature. Any statement in this press release or these materials which isn't a historic fact is the forward-looking statement and includes the known and unknown risks, uncertainty and other factors which can change the real results, fulfillments and achievements stated in such forecasts. PJSC «Tatneft» doesn't assume any liabilities to update such forecasts for reflection of real results, changes in assumptions or changes in the factors influencing these statements.