UPDATE: Tatneft to boost oil output to 35–37 mln tns over next 10 years

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ALMETYEVSK, republic of Tatarstan, Jun 22 (PRIME) -- Russian oil company Tatneft plans to reach annual oil production of over 35–37 million tonnes over the next 10 years, CEO Nail Maganov said at a shareholder meeting on Friday.

“We can now talk about prospects of reaching the annual production level of over 35–37 million tonnes over the next 10 years. And I must say that this is quite a conservative forecast. All these plans are based on the development of the company’s existing assets, first of all on the territory of the republic of Tatarstan, the Samara Region, and the Nenets Autonomous District. In addition, we are also working out prospects of oil production development outside Russia,” he said.

The company will be able to restore oil production in previous volumes easily, if restrictions under the OPEC+ deal are lifted, Maganov also said.

“Once a decision to restore production is made, we will see. But I don’t think that it will be a big problem,” he said. “Our rate amounted to 106–107%. We are talking about reaching this rate,” he added.

In 2017, Tatneft raised oil production by 0.9% to 28.586 million tonnes.

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