Tatneft may participate in exploration in the Turkmen sector of the Caspian Sea

30 April 2021


In the future, Tatneft may take part in the exploration of the offshore fields in the Turkmen sector of the Caspian Sea. The press service of Tatarstan President Rustam Minnikhanov told reporters on Friday following his meeting with Turkmen Deputy Prime Minister and Chairman of the Supreme Control Chamber of Turkmenistan Serdar Berdymukhamedov.

"Promising projects for the development of cooperation between Tatneft and Turkmennebit in the near future include: drilling and construction of new oil wells; building of digital geological and hydrodynamic models of oil fields in Turkmenistan; organization of oilfield equipment repair facilities (ESP units, drill bits, drill pipes, pump rods diagnostics, etc.); participation in the exploration and testing of oilfields in Turkmenistan. The Company will also participate in exploratory works in the offshore fields in the Turkmen sector of the Caspian Sea, etc.," it was reported.

The cooperation of Tatneft and Turkmenistan has been maintained since 2008. The Tatneft branch in Turkmenistan launched production for the repair of used tubing pipes on January 25, 2021.

Tatarstan President Rustam Minnikhanov said in an interview with TASS in December 2020 that Tatneft is successfully implementing a service contract aimed at increasing oil production in Turkmenistan. Implementation of the set of measures at two oilfields of  Turkmennebit enabled the company to produce more than 280 thousand tons of oil. The extension of the project is expected to produce over 770 thousand tons of additional oil.

Tatneft and Turkmennebit signed in early December last year an additional agreement on the continuation of works at Goturdepe field until 2028. The agreement expands cooperation between the companies in the field of enhanced oil recovery. According to it, the work program includes the first, second and third oil fields of Goturdepenebit in addition to those where Tatneft introduced its technologies in 2011-2014 and 2018-2020. Initially, the partners signed a memorandum of partnership development at the fields of Turkmennebit in 2018.

The main shareholder of Tatneft is the Republic of Tatarstan, which owns more than 36% of the company. About 3% are treasury shares, 25.75% are placed in ADR. Other shareholders own 34% of shares.



GSV "Russia - Islamic World"

Photo: official website of the President of the Republic of Tatarstan

Based on materials from TASS