The Singapore-based Yug-Neftegaz Private Limited will invest $70 million in a project in Turkmenistan in 2020 under a contract with the Türkmennebit State Concern. This was stated during the Oil and Gas of Turkmenistan 2020 international roadshow, which took place in Dubai on February 24-25.
In the current year, works have been planned under the contract to increase the production capacity of the Concern’s 80 oil wells, which are expected to produce over 105 tons of additional oil.
During the conference, Yug-Neftegaz Director Igor Burkinsky said the company, under the contract, will drill at least 60 wells in Goturdepe field in the western Turkmenistan.
Yug-Neftegaz and Türkmennebit in 2008 signed a contract for well servicing and well work-overs in Turkmenistan.
Since the contract was signed, the company has completed overhauls at 1,544 wells and its investment in the projects reached $ 369 million.
During the roadshow, the Italian companies Saipem and Pietro Fiorentini, as well as the UAE-based Dana Group, showed interest in participating in projects in the oil and gas industry of Turkmenistan.
The UAE-based Horizon Energy and Transpetrol, as well as the Romanian Komet Group voiced proposals for participation in projects to increase the productivity of long-used oil fields based on new technologies and methods.
Petrofac International (UAE) LLC expressed its readiness to continue mutually beneficial cooperation with Turkmenistan in the development of the Galkynysh gas field.
The international roadshow in Dubai gathered more than 300 high-ranking delegates of 113 leading companies from 42 countries.