Regular Meeting of the TATNEFT’s Board of Directors Was Held
22 декабряThe meeting reviewed the results of the budget execution for eleven months of 2020, and approved the budgets for January, the first quarter and the total 2021. The draft budget for 2021 provides for financing operating and investment activities, including the development of business areas with the highest value creating potential, implementation social programs, the environment protection and measures to reduce the carbon footprint, including the ones through the application of new energy-efficient and low-carbon technologies throughout the production chain.
The information on the implementation of the geological exploration program for 2020 was presented to the Board of Directors. Accordingly, the activities planned for the TATNEFT Group for the current year, inter alia, included drilling and completion of 11 exploratory wells with 7 wells drilled within the Republic of Tatarstan. There were two deposits discovered in the Samara region. 152 appraisal wells were drilled at high-viscosity fields providing for preparation of exploration targets. Planned exploration work was also carried out in the Nenets Autonomous Okrug, as well as the Samara and Orenburg regions. A joint venture of TATNEFT, Gazpromneft and Lukoil was established in June 2020 to develop hard-to-recover reserves at the Savitsky and Zhuravlevsky license areas of the Orenburg region in the Volga-Urals region. A 3D seismic survey was carried out at the Savitsky area, where drilling of the first prospecting and appraisal well was completed, while an exploratory well was also completed at the Zhuravlevsky area. The development of promising targets has been scheduled for 2021. The plans provide for starting pilot development of the fields in 2024. The Board of Directors approved the geological exploration program for 2021.
The meeting reviewed the implementation status of the of Strategy-2030 and the expected achievement of business plan targets. In connection with a significant change in external conditions, the emergence of new challenges and opportunities, it was decided to update the Company s Strategy in 2021. It will reflect the development prospects of the TATNEFT Group, taking into account strengthening of the global environmental and climate agenda; changes in the price forecasts, as well as actions and goals to restore the value, which decreased during the crisis caused by the pandemic and additional external restrictions on crude oil production.
The Board of Directors got acquainted with the implementation of the Key Performance Indicators system in the TATNEFT Group, approved the plan for its further development and the initiative to integrate with the Sustainable Development Goals.
The meeting participants considered and approved the key directions for the implementation of the TATNEFT Group HR Strategy until 2030. Further transformation of the HR functions will be associated with strengthening the HR brand of the TATNEFT Group; increasing labor productivity through the introduction of the advanced scenario planning of labor resources and transformation of compensation strategies; development of competencies mobility, career routes and recruiting; targeted programs for the formation of the ownership system, etc. A separate portfolio of projects includes initiatives to improve the efficiency of the HR functions.
There were also several other issues discussed at the meeting.
Forward-looking Statements and Disclaimers: This press release contains certain statements regarding future events and expectations, which are forward-looking statements in nature. Any statement in this press release that is not a historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ materially. PJSC TATNEFT shall assume no obligation to update such forecasts to reflect actual results, changes in assumptions or changes in factors affecting these statements. The amounts and the interest money indicated or referenced in this press release may be given taking into account the rounding and, accordingly, they may differ from the actual figures and results contained in the company s reporting documents. PJSC TATNEFT shall assume no obligation to adjust or reimburse any amounts that may make the difference between those specified in this press release and the relevant reporting documents, and all payments shall made by PJSC TATNEFT exclusively in accordance with the decisions of the competent Company s management bodies in the amount and manner specified in such decisions.
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