14 May 2019 13:23

Tatneft to resume active purchases of oil rights outside Tatarstan after 2025

MOSCOW. May 14 (Interfax) - Tatneft is planning to start actively obtaining oil leases outside Tatarstan after 2025, the company said in its Q1 report.

"The company is planning to reach the target [oil] production plateau of 38 million tonnes by 2030 through active acquisition after 2025 of new licenses in regions outside the Republic of Tatarstan where the company is already present," the report reads.

According to Rosnedra data, Tatneft has practically not been participating in auctions and competitions for oil and gas blocks in recent years.

Tatneft is searching for and exploring fields in licensed territories in the Republic of Kalmykia, the Orenburg, Samara, and Ulyanov regions, and the Nenets Autonomous District.

Under its development strategy, Tatneft is planning to increase oil production to 38.4 million tonnes by 2030 with 100% recovery. Most of that sum, 31.4 million tonnes, is expected to be oil produced, as before, in Tatarstan. Another 1.5 million tonnes will be produced outside the republic, including 1.4 million tonnes at fields in the Nenets Autonomous District, and 2.1 million tonnes will be superviscous oil. Development of exploration and "the use of innovative production methods" will provide another 3.5 million tonnes.

The company said that its targets for oil production do not take into account possible restrictions under the OPEC+ deal. Following the prolongation of the agreement, the company adjusted its production plans for 2019, keeping its target at the 2018 level of 29.5 million tonnes, rather than the 31.1 million tonnes originally planned.