TATNEFT: GROWTH 23.4%
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 Kazan on August 28, 2014.
The meeting discussed the budget performance of JSC TATNEFT for seven months in 2014, approved the budget for September of the current year and discussed the results of the financial and economic activities of JSC TATNEFT in the first half of the year.
During the reporting period, the Company's fields produced 12.986 million tons of crude oil, which was 0.4 % higher than during the similar period of the last year. The volume of produced associated petroleum gas amounted to 435 million cubic meters, which was 2.2 % versus the same period in 2013.
131 new production wells were put into operation, which produced 115.6 thousand tons of crude oil.
The amount of 106.8 thousand tons of oil was produced at Ashalchinskoye extra-viscous oil field in the first half of the year. The cumulative production since the beginning of the deposit development amounted to 432.4 thousand tons of extra-viscous oil.
Gross proceeds from the sale of products shipped during the reporting period amounted to RUB 305 billion. Net revenues (net of VAT and export duties) compared to the same period of the last year increased by 23.4 % and amounted to RUB 207 billion.
The net profit amounting to RUB 48.4 billion was obtained based on the results of the financial and economic activities. The total investments of the TATNEFT Group of Companies amounted to RUB 24.1 billion with the amount of RUB 13.8 billion allocated for the crude oil production sector.
The Board of Directors also considered a number of other issues of the JSC TATNEFT's activities.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.