PJSC TATNEFT’s Board of Directors Meeting Was Held
The Board of Directors meeting of PJSC TATNEFT n.a. V.D. Shashin chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan, on July 19, 2019.
The meeting reviewed the results of the Company's budget implementation for the first half of 2019 and approved a budget for August of the current year.
The participants of the event discussed the information on the Company's social investments in general, as well as the performance of the TATNEFT Charitable Foundation and its development plans.
The social policy of TATNEFT is based on the principles of corporate social responsibility and is part of accomplishing strategic objectives.
An important social policy implementation tool is the TATNEFT Charitable Foundation. In 2018, all the Company’s charitable funds were consolidated into a single TATNEFT Charitable Foundation in order to increase the efficiency of social investments management while supporting the performance of all programs in full volume. Today, a single center of responsibility for the implementation of the TATNEFT Group’s charitable programs is being formed on the basis of the consolidated Foundation.
Every year, over 40 thousand individuals and 300 legal entities receive assistance through the Foundation. The TATNEFT Charitable Foundation cooperates with federal funds on projects for the most vulnerable segments of the population. A named patient targeted assistance program for children of Tatarstan was launched together with Rusfond. A similar project is being implemented in conjunction with the “Gift of Life” Chulpan Khamatova’s Foundation.
The information about the prospects for the development of crude oil production, opportunities and objectives of the Exploration and Production business area was presented to the Board of Directors.
At present, the Company was possessing highly efficient asset portfolios and a large-scale resource base secured by proven reserves for 30 years of crude oil production.
The priority for the Company is to increase the efficiency of crude oil production at the assets under development currently. The corresponding project programs of increasing the recovery rate and enhancing the crude oil recovery factor are opened and implemented. A promising line for the development of crude oil production at TATNEFT is the development of high-viscosity oil fields.
The Company will increase the efficiency of developing mature fields, including the accomplishment of technological limits, etc. pursuing the objective of involving the Company’s resource potential in the development.
The promising tasks of the “R&D” (Exploration and Development) business area include a change in the structure of crude oil production; improvement of wellbore intervention activities; increasing the labor productivity; implementation of IT projects, etc.
The Board of Directors also reviewed a number of other issues of the Company's activities.
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