Tatneft in 2010 to begin extract oil abroad

The Tatarstan’s key oil producer Tatneft intends in 2010 and 2011 to recover in Tatarstan 25.4 million tonnes of oil. Besides, 350 and 370 thousand tonnes are to be recovered outside Tatarstan at licence areas in Russia by the company’s subsidiaries, and 120 and 375 respectively outside Russia.

According to the company’s press service, the decision was made at a board meeting, chaired by the Prime Minister of Tatarstan Roustam Minnikhanov held in Almetievsk, after discussing oil recovery targets and geological operations for 2010-2011.

In 2008, the company produced 25.766 million tonnes of oil, which is 0.1 percent more than in 2007 and 1.4 percent more than the target. In other Russian regions, Tatneft subsidiaries extracted 294 thousand tonnes, which is 50 percent more than in 2007. The company has until now not operated abroad. It is conducting exploration in Libya and Syria.

The meeting discussed the results of Tatneft’s performance in the 1st quarter of 2009. Over the period, the company has extracted 6.3 million tonnes of oil, of which more than 45 percent has been produced with the help of enhanced production techniques.

Pilot projects at the Ashalchinsk oilfield have allowed to extract about 3.3 thousand of super viscous oil, the average yield a block being 38 tonnes a day. A total of 23 thousand tonnes has been recovered since the development began.

Recovery outside Tatarstan has totalled 76.3 thousand tonnes, which is 9.3-fold of the last year’s result over the same period. The net profit, VAT and export duty exclusive, has been 43.8 billion roubles.