Tatneft’s Project Expected to Increase Oil Production in Turkmenistan

BUSINESS TURKMENISTAN
Tatneft’s Project Expected to Increase Oil Production in Turkmenistan
The main shareholder of Tatneft is the Republic of Tatarstan, which owns over 36% of the company's shares.

Expansion of the Tatneft’s project in Turkmenistan, implemented jointly with the Türkmennebit (Turkmen Oil) State Concern, will make it possible to additionally produce more than 770 thousand tons of oil, Tatarstan’s President Rustam Minnikhanov said in an interview with TASS news agency.

"Presently, Tatneft is successfully implementing a service contract aimed at increasing oil production in Turkmenistan. The implementation of a set of measures at two oil fields of the Türkmennebit SC allowed production of more than 280 thousand tons of oil. At present, the Turkmen and Tatar oilmen have developed plans for further expansion of contract between Tatneft PJSC and Türkmennebit SC covering additional oil fields. Expansion of the scale of the project, according to our forecasts, will allow additional production of more than 770 thousand tons of oil," Minnikhanov said during the interview.

The main shareholder of Tatneft is the Republic of Tatarstan, which owns over 36% of the company's shares.

In early December, Tatneft and Türkmennebit signed an additional agreement to continue provision of services to increase the flow rate of oil wells in the Goturdepe field until 2028.

The branch office of Tatneft in Turkmenistan was registered in January 2011. The main field of activity of the branch is the overhaul of wells, the organization of a reservoir pressure maintenance system and the introduction of automation systems at oil production facilities.

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