Regular Meeting of JSC TATNEFT's Board of Directors

      A regular meeting of the Board of Directors of JSC TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Almetyevsk on October 28, 2013.

      The meeting reviewed the budget performance of JSC TATNEFT for nine months in 2013 and approved the budget for November of the current year.

      The Board of Directors was informed about the new technologies application effectiveness in the oil fields geological survey and development. These include innovative developments in the area of prospecting, exploration and supplementary stock exploration, creating designs of wells to ensure maximum contact with the reserves, elaboration of controllable development systems, as well as the maximum coverage and displacement of oil through application of new technologies. 

      The Board of Directors reviewed at the meeting the effectiveness of the financial and economic activities of the subsidiaries and affiliates. It was pointed out that at the present time TATNEFT Group of Companies acts as a single economic entity and provides for an increase in production and gaining stable financial results.

      The Board of Directors discussed the work organization to improve the production efficiency and labor productivity in the NGDU "Almetyevneft". To this end, the management of the Production Board had realized a number of objectives on administrative processes standardization, restructuring and withdrawal of non-core activities, process automation and   introduction of information technologies.

      The Board of Directors also considered a number of other issues of JSC TATNEFT activities.