Russian oil player Tatneft has revealed that it produced approximately 13 million tons of crude oil in the first half of 2007, up 2.2% compared to the first half of 2006. The firm said that over 45% of the crude oil produced is accounted for by the application of up-to-date, enhanced oil recovery techniques.
<p>Tatneft said that, compared to H1 2006, its production demonstrates a 1.4-fold growth in newly-commissioned well flows and that associated gas production rose by 100.5% and broad fractions of light hydrocarbons (natural gas liquids) output grew by 5.7%. The firm's H1 2007 operations resulted in a balance sheet profit of RUB27.8 billion.<br /><br />Tatneft also said that its board has discussed the 2008 forecast of the firm's financial and business activities and concluded that, with average weighted world oil costing $51 per barrel, the company aims to produce at least 25.4 million tons of crude oil and make the balance sheet profit at least as much as that expected for 2007.<br /><br />Tatneft also revealed that due to the successful implementation of a number of new technologies for development and operation of its fields, its executive management board has decided to continue their implementation. New technologies include horizontal and multilateral drilling, underbalanced and balanced drilling and slim-hole drilling.<br /><br />Tatneft also reported the efforts to increase its market capitalization to its board of directors, and said that the firm's executive management board has been assigned to develop an appropriate framework of the market capitalization management and secure its efficient execution.</p>