Oil producer Tatneft’s reserves to rise by 254 mln bbls in 2007

By RIA Novosti

Moscow : Tatneft, Russia’s sixth largest oil company, said on Tuesday its oil reserves would grow by 34 million metric tons (254.32 million barrels) in 2007.


Support TwoCircles

With proven oil and condensate reserves of 3.6 billion barrels, the company’s reserves will increase 7% in 2007, Tatneft said in a statement.

Tatneft and its subsidiaries handle upstream and downstream operations and account for over 80% of oil output in the Russian Republic of Tatarstan.

Tatneft produced 25.3 million metric tons (186 million bbl) of oil last year and a similar amount in 2005. According to plans approved by the Tatneft board, the company’s annual oil output should reach 25.4 million metric tons (187 million bbl) in 2008-2010.

Tatneft posted US GAAP net profits of 29.5 billion rubles ($1.2 billion) in the first nine months of 2007.

SUPPORT TWOCIRCLES HELP SUPPORT INDEPENDENT AND NON-PROFIT MEDIA. DONATE HERE