This year, the Singapore company “Yug-Neftegaz Private Limited” will invest 70 million dollars in a project under a contract with the state concern “Turkmennebit”. This was stated at the international conference "Oil and gas of Turkmenistan-2020", which was held on February 24-25 in Dubai, the press service of the “Turkmennebit” concern reports.
“Yug-Neftegaz Private Limited” and “Turkmennebit” group signed a contract in 2008 to perform maintenance work on major well repairs in the West of Turkmenistan.
Since the contract was signed, the contractor has overhauled 1,544 wells. The company's investment in the project reached $ 369 million. As a result, the production of additional oil from these wells amounted to more than 2.5 million tons.
According to the contract, work is planned for 80 oil wells in 2020, which is expected to produce more than 105.3 thousand tons of oil. Additionally, 6 new wells will be drilled, which are expected to yield more than 54.5 thousand tons of oil.