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Wednesday, May 07, 2008

Russian crude producer Tatneft's oil reserves up 3.9% in 2007

MOSCOW, May 7 (RIA Novosti) - Tatneft, Russia's sixth largest oil company, said on Wednesday its proven oil and condensate reserves grew by 228 million barrels or 3.9%, year-on-year, in 2007 to 6.14 billion barrels. Tatneft, which handles upstream and downstream operations and accounts for over 80% of oil output in the Russian Republic of Tatarstan in the Volga area, said the growth in oil reserves was attributable to the development of high-viscosity oil deposits in the republic and the expansion of the geography of its operations. Tatneft produced about 183.35 million barrels of oil in 2007.

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