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Russia's Tatneft does not rule out oil export decline in 2016 — CEO

April 19, 15:39 UTC+3
Oil export decline may be compensated by increase of refining volumes in Russia
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© Egor Aleev/TASS

MOSCOW, April 19. /TASS/. Tatneft does not rule out oil export volumes will drop in 2016, Chief Executive Officer of the Russian oil major Nail Maganov told TASS on Tuesday.

The company focuses on the domestic market, Maganov said. Oil export decline may be compensated by increase of refining volumes in Russia, he added.

The company exported approximately 61% of the whole sold crude oil in 2015, Tatneft reported earlier. Tatneft’s share of oil production in Russia approximately equals 8%.

Tatneft expects oil production to grow to 27 mln tonnes in 2016.

"In accordance with the plan - about 27 mln tonnes, with the growth. We grow, extract, we have put good money in investments. Last year we had about 26 mln tonnes," he said, answering a question about the company's oil production plans.

It was reported earlier, that Tatneft increased oil production by 2.7% year-on-year to 26.9 mln tonnes in 2015. Production in December 2015 surged 7.4% year-on-year to 2.4 mln tonnes.

Associated gas gathering was up 1.8% year-on-year to 899.5 mln cubic meters.

Taneco refinery owned by Tatneft processed 9.3 mln tonnes of feedstock from the year beginning and 798,500 tonnes in December 2015.

New drilling meterage was 915,700 meters in 2015, the company said.

Tatneft is working in the republic of Tatarstan, Samara, Orenburg, Ulyanovsk regions, Nenets Autonomous District and the republic of Kalmykia, the company is headquartered in Almetyevsk.

The company accounts for about 8% of oil production in the country and more than 80% of oil production in Tatarstan. Resource potential of Tatneft as of January 1, 2015, was estimated at 1.2 bln tonnes, including proven reserves of 843 mln tonnes.

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