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Turkmenistan signed new contract with Singapore's Yug-Neftegaz

Turkmenistan has the world’s 4th-largest gas reserves at 19.5 trillion m3 and 10% of the global total

Turkmenistan signed new contract with Singapore's Yug-Neftegaz

Ashgabat, November 2 - Neftegaz.RU. During the XXVI International Conference «Oil & Gas of Turkmenistan-2021», Turkmengeology and Yug-Neftegaz Private Limited (Singapore) signed a contract for 3D and 2D studies in the eastern part oil & gas field Goturdepe and in the area of ​​South Burun in the west of Turkmenistan.

According to experts, the contract is aimed at increasing the geological resources of hydrocarbons and increasing oil production in Turkmenistan, which, in turn, will expand the opportunities for cooperation in the oil & gas sector with foreign investors.

Yug-Neftegaz is an old partner of Turkmenistan, successful cooperation with which has lasted for 15 years.
In 2020, Yug-Neftegaz won a tender for the execution of geophysical works for Turkmengeologia on 3D seismic of the East Goturdepe field, as well as 2D seismic at the South Burun field.

In September 2021, the President of Turkmenistan signed a decree allowing Turkmengeology to conclude a contract with the winner of the tender for the implementation of 3D and 2D seismic exploration works in these fields in 2021-2023.

Yug-Neftegaz began its activity in Turkmenistan in 2007 with a pilot contract with Turkmennebit.
The parties signed a new contract providing for overhaul and increase in the productivity of oil wells at the Turkmenneft fields.
In the period up to 2011, 138 well operations were carried out, which made it possible to additionally produce 270 000 tons of oil.

On October 14, 2021, Yug-Neftegaz together with Turkmennebit completed drilling and commissioned oil well №327 with a depth of 4660 m at the North Goturdepe field, with an oil flow rate of more than 1000 barrels per day.
Currently, the company continues to drill 3 more wells in this field, as well as prepare 3 drilling sites to start drilling new wells.

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