Tatneft's proven reserves about 7 bln tonnes of oil

MOSCOW. Nov 14 (Interfax) - Tatneft's total proven oil reserves are about 7 billion tonnes, company chief Nail Maganov said at a Russia-China business forum in Kazan.

"Tatneft has produced almost 3.5 billion tonnes of oil in its time, but that's not the limit because our total proven reserves are twice as big, and we have enormous potential to develop them," Maganov said.

According to his presentation, current oil production is 568,200 barrels per day, given the restrictions in the OPEC+ agreement.

"We are carrying out several petrochemical projects together with our Chinese comrades, and projects in oil refining. To give you an idea of the scale, our project portfolio today is something like $4.5 billion, and we are in further talks to expand these projects," Maganov said.

Tatneft produced 13.66 million tonnes of oil in H1 2024, down 4.7% year-on-year, and 430 million cubic meters of gas, down 8.1%.