OREANDA-NEWS. March 31, 2011. A regular meeting of the Board of Directors of TATNEFT was held in the Cabinet of Ministers of the Republic of Tatarstan (Kazan), reported the press-centre of TATNEFT.

The Board of Directors reviewed the budget execution of TATNEFT for two months of 2011 and approved the budget for April and the second quarter of this year.

The Board of Directors heard the information on introduction of new technologies of oil fields development and production and measures to significantly improve the efficiency of enhanced oil recovery (EOR) methods application in TATNEFT. Application of tertiary enhanced oil recovery methods application resulted in production of over 5.3 million tons of crude oil in 2010 and application of hydrodynamic methods of the oil recovery enhancement resulted in production of more than 6.2 million tons. Application of EOR methods allowed producing 44.8% of the total oil recovery volume.

The Board of Directors discussed the progress in the use of intelligent systems in mature oil production fields. The third block of Berezovskaya area was selected to implement this program. In the framework of this project a plot was selected in the area of development equipped with a means of measurement of a large number of well operating parameters, which enable to significantly improve the quality of performance with the existing well stock. The site is an ideal testing ground for experimental work, training of specialists of the geological and technological services of the Company. The next stage of the project will be establishment of methodological approaches for monitoring the progress of the field development with the use of automated controls.

The Board of Directors considered the issue of TATNEFT's auditor for the statutory auditing of the annual financial statements for 2011 prepared in accordance with the Russian accounting rules. It was decided to recommend to the annual general shareholders' meeting to approve Energy Consulting/Audit as an auditor for one year period.

The Board of Directors specified the date of the annual general shareholders' meeting on the results of 2010: it will be held on June 23 of the current year at Neftche Palace of Culture in Almetyevsk.

The Board also reviewed a number of other issues of financial and economic activity of TATNEFT.