BAKU, Azerbaijan, Oct. 29
By Farida Nuri - Trend:
Turkmengeology State Corporation and the Singaporean Yug-Neftegaz Private Limited company signed a contract within the XXVI International Conference "Oil and Gas of Turkmenistan-2021" in Ashgabat, Trend reports on Oct. 29 via NEBIT-GAZ online newspaper.
According to the newspaper, the contract envisions 3D and 2D studies in the eastern part of the Goturdepe oil-gas field and in the area of the South Burun field in western Turkmenistan.
The contract is aimed at increasing the geological resources of hydrocarbons and increasing oil production in Turkmenistan, which will expand the opportunities for cooperation in the oil and gas sector with foreign investors.
The country has been cooperating with Yug-Neftegaz Private Limited for the past 15 years.
In 2020, Yug-Neftegaz Private Limited won a tender for the execution of geophysical work for Turkmengeology State Corporation on the three-dimensional seismic survey (3D) of the East Goturdepe field, as well as a two-dimensional seismic survey (2D) of the South Burun field.
In September 2021, the President of Turkmenistan Gurbanguly Berdimuhamedov signed a decree allowing Turkmengeology to conclude a contract with the winner of the tender for the execution of 3D and 2D seismic exploration works in the mentioned fields in 2021-2023.
Yug-Neftegaz Private Limited began its activity in Turkmenistan in 2007 with a pilot contract with the Turkmenneft State Concern. As a result of its implementation, the parties signed a new contract providing for capital repairs and an increase in the productivity of oil wells at the fields of Turkmenneft.
On October 14, Yug-Neftegaz Private Limited, together with the state corporation Turkmenneft, completed drilling and commissioned well No. 327 with a depth of 4,660 meters at the North Goturdepe field, with an oil flow rate of more than 1,000 barrels per day. Currently, the company continues to drill three more wells in this field, as well as prepare three sites to start drilling new wells.