29 Jan 2018 10:01

Tatneft reserves grow by 33.1 mln tonnes in 2017

ALMETYEVSK. Jan 29 (Interfax) - The Tatneft group's recoverable oil reserves increased by 33.1 million tonnes in 2017, the Russian oil company's first deputy CEO, Nail Ibragimov said at a meeting of company employees in Almetyevsk on Monday.

"The expected increase in recoverable oil reserves for the Tatneft group in 2017 is 33.1 million tonnes. Going forward, we face the challenge of ensuring annual direct renewal of reserves of about 37 million tonnes to 2025," Ibragimov said.

He recalled that the Tatneft group produced 28.939 million tonnes of oil in 2017, including 353,000 tonnes outside of Tatarstan and 1.62 million tonnes of heavy crude.

"In 2017 the company fulfilled the obligations it assumed to limit oil production volumes to the 2016 level. The reduction to the planned amount in the reporting year totalled about 450,000 tonnes," Ibragimov said.

The group invested 89 billion rubles in 2017, including 47 billion rubles in exploration and production and 36 billion rubles in the construction of Taneco refining and petrochemicals complex, he said.

It was reported earlier that Tatneft plans to ensure that its oil reserves growth is equivalent to production in 2018. Under the terms of the OPEC+ deal to curb oil production, the company plans to produce 28.4 million tonnes of oil and the group overall plans to produce 28.7 million tonnes.