Tatneft Eyes Oil Production Growth in 2017

Russia's mid-sized oil producer Tatneft expects its oil production to increase to 28.6 million tonnes (574,350 barrels per day) in 2017, the company said on Thursday.

Tatneft, whose main assets are located in the Volga river region, had already announced it plans to produce 30 million tonnes in 2020, up from 27 million tonnes in 2015.

The forecast for 2017 is based on an average annual price of Urals crude oil of $40 per barrel and exchange rate of 64.8 roubles per $1.

Tatneft also said it expected to generate net income of 84.1 billion roubles ($1.3 billion) in 2017.

(Reporting by Vladimir Soldatkin)