Tatneft reduced 7-month oil production by 12% to 15.286 million tonnes

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AK&M 04 August 2020 17:53

Since the start of 2020, Tatneft Group has reduced oil production by 12% (2,148 kt) year-on-year to 15,286 kt, the company informed.

PJSC Tatneft alone produced 15,097 kt of oil.

In July, the group's companies produced 2,026 kt of oil, the Tatneft alone contributed 1,999 kt.

Production at the licensed blocks outside the Republic of Tatarstan amounted to 26.6 thousand tonnes in July, production of high-viscosity oil reached 288 thousand tonnes.

The company has completed the construction of production well No. 347 and exploratory well No.302 for OOO Tatneft-Samara Company in Samara region, with flowback operations at the site of production well No. 33 being underway.

Drilling of well No. 5p at the Tibeyviskoye field was completed In Nenets autonomous area.

PJSC Tatneft (tax number: 1644003838) is one of the largest Russian oil companies today and is an internationally recognized vertically integrated holding. The industrial complex of the Company includes steadily developing enterprises of crude oil and gas production, petroleum refining, petrochemicals production, the tire-manufacturing complex, network of filling stations and services. Tatneft also has a stake in the financial sector companies.

IFRS net profit of Tatneft Group's shareholders for Q1 2020 decreased almost 2.4 times year-on-year to RUB 25.252 billion ($380 million) versus RUB 60.151 billion ($910 million) in net profit in Q1 2019. Consolidated sales revenue and other non-banking earnings net of export duties and excise taxes decreased by almost 13% to RUB 198.284 billion ($2.987 billion) against RUB 227.326 billion ($3.438 billion). EBITDA (not included in IFRS as a financial indicator) totaled RUB 37.687 billion ($568 million) versus RUB 87.419 billion ($1.322 billion). However, adjusted EBITDA, excluding exceptional items, amounted to RUB 44.359 billion ($668 million) against RUB 86.09 billion ($1.302 billion).