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Monday, January 16, 2006

Tatneft oil output reaches 25.3 mln tons in 2005

MOSCOW, January 13 (RIA Novosti) - The output of Russian oil company Tatneft reached 25.3 million metric tons (508,000 bbl/d) in 2005, up 0.9% from 2004, the company said Friday. The increase was in line with the firm's recent growth patterns, but fell short of matching production growth for Russia as a whole, which was up 1.7% in last year, according to preliminary government data. Leading independent Russian producer LUKoil earlier Friday reported a 4.4% increase in oil production in 2005, to 90.1 mln mt. Tatneft said it exceeded its drilling targets, with a total of 780,500 meters drilled. The figure included 508,400 meters for the company itself, with the rest under separate contracts. The company put 549 wells into operation, including 354 for the company and 195 for other customers. Tatneft operates in the Russian republic of Tatarstan. The republic's government owns a majority stake in the company.

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