Russian regional oil producer Tatneft managed to stem the decline in oil and condensate production during the first quarter after a major drop last year.

Production remained unchanged at 395,000 barrels per day of oil and condensate between January and March compared with the final quarter of last year.

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Tatneft's oil and condensate production fell last year by 13% to 522,000 bpd of oil and condensate due to a combination of factors, including the imposition of output curbs by the Russian government as part of the country's commitment to the Opec+ alliance.

Revenues at the company improved by 30% to 258 billion roubles ($3.4 billion) in the first quarter of this year as against the same period of 2020.

The bottom line saw an even a better improvement, with net profit rising by 73% year-on-year to 43.3 billion roubles.

Gross debt declined slightly to 23.2 billion roubles, while cash and cash equivalents jumped to 61 billion roubles as of the end of March, up 53% compared with the end of 2020.

Tatneft also said on Thursday that it has teamed with state-controlled oil producer Gazprom Neft to jointly research new options to increase oil recovery from depleted oilfields.

The companies will assign some of their assets in West Siberia and Tatarstan to test proposed solutions, with the ultimate long-term goal of raising recovery to 50% of proved reserves from the current Russian average of 35%, according to Gazprom Neft.

Tatneft operates one of the oldest oilfield in the country, Romashkinskoye. The asset was put into production in 1930s and remains the largest contributor to Tatneft’s total output.