Tatneft saves 33.5 bln rubles with tax breaks in 2014
MOSCOW. April 2 (Interfax) - Tatneft saved 33.5 billion rubles on the natural resource extraction tax (NRET) at depleted and extra heavy crude oil fields in 2014, compared to 27.1 billion rubles in the previous year, management analysis for the Russian oil company's IFRS statement for 2014 shows.
The zero NRET rate for extra heavy crude that is applied to the Ashalchinskoye and Mordovo-Karmalskoye fields enabled Tatneft to save 3.8 billion rubles in 2014, compared to 2.7 billion rubles in 2013. The company saved another 29.7 billion rubles on the NRET at the Romashkinskoye field, up from 24.4 billion rubles in the previous year.
Romashkinskoye, the Tatneft group's biggest field, is more than 80% depleted and is eligible for the NRET tax break because of the high hydrocarbon depletion rate.
Tatneft produced 649,000 tonnes of extra heavy crude in 2014. The Tatneft group produced a total of 26.53 million tonnes of oil in 2014, 0.4% more than in 2013.