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 October 21, 2015.
The meeting discussed the results of the PJSC TATNEFT’s budget execution during nine months of 2015 and approved the budget for November of the current year.
The information about the plans for crude oil production as well as geological and remedial stimulation operations of PJSC TATNEFT for 2016 was presented to the Board of Directors. The expected crude oil production volume of PJSC TATNEFT in 2015 will amount to 26.707 million tonnes, including 378.1 thousand tonnes of high-viscosity oil (HVO) from Ashalchinskoye heavy oil field. The bulk of geological and technical measures to ensure the planned volumes of crude oil production in 2016 will fall on drilling and commissioning of new wells. The plans of high-viscosity oil production envisage drilling of 400 horizontal wells (250 wells for production and 150 wells for steam injection). 2016 will witness the increase in the volume of the formation hydro fracturing, as well as the work will be continued on restoration of the old wells stock through sidetracking and horizontal sidetracks drilling.
The Board of Directors considered the progress in implementing the programs to improve the production system efficiency and the management structure and methods at PJSC TATNEFT. The strategic objective is to double the Company’s value by 2025 and increase the annual crude oil production to 30 million tonnes. The plans for the refining sector provide for completing construction of the TANECO Complex and increasing in the oil refining volume to 14 million tonnes in 2018. As part of the retail business development the plans are considered for implementing activities to increase the volume of oil and gas products sale 1.7 times by 2025 and optimizing the operating costs by 10%. A number of initiatives to improve the efficiency of the Company’s operation are being implemented including introduction of a management system by objectives, centralization of the well construction management functions, improving the efficiency of the goods and services procurement system, cost saving, introduction of innovative technologies and lean manufacturing tools. There was a corporate social network established for the purpose of involving the staff in the efforts to improve the Company’s operation efficiency. This resource allows creating effective project teams, ensuring rapid exchange of information, organizing professional communities and informing the employees about the important events in the life of the Company.
The Board of Directors reviewed and approved the PJSC TATNEFT’s Environmental Program for the period of 2016-2020. The main objectives of the program include reduction of the anthropogenic impact on the environment and the rational natural resources management.
The Board of Directors also considered a number of other issues of the Company’s activities.