MOSCOW, December 25 (RIA Novosti) - Tatneft, Russia's sixth largest oil company, said on Tuesday its oil reserves would grow by 34 million metric tons (254.32 million barrels) in 2007.
With proven oil and condensate reserves of 3.6 billion barrels, the company's reserves will increase 7% in 2007, Tatneft said in a statement.
Tatneft and its subsidiaries handle upstream and downstream operations and account for over 80% of oil output in the Russian Republic of Tatarstan.
Tatneft produced 25.3 million metric tons (186 million bbl) of oil last year and a similar amount in 2005. According to plans approved by the Tatneft board, the company's annual oil output should reach 25.4 million metric tons (187 million bbl) in 2008-2010.
Tatneft posted US GAAP net profits of 29.5 billion rubles ($1.2 billion) in the first nine months of 2007.
