Tatneft PJSC may take part in exploration in Turkmen sector of Caspian Sea

Tatneft, a Russian vertically integrated oil and gas company, may take part in exploration at the offshore fields of the Turkmen sector of the Caspian Sea in the future, Report informs referring to the press service of President of Tatarstan of the Russian Federation Rustam Minnikhanov following his meeting with deputy prime minister, Chairman of the Supreme Control Chamber of Turkmenistan Serdar Berdimuhamedov.

“Perspective projects for the development of cooperation between Tatneft PJSC and the Turkmennebit State Concern for the near future include drilling and construction of new oil wells, construction of digital geological and hydrodynamic models of oil fields in Turkmenistan, organization of production for the repair of oilfield equipment (drill bits, drill pipes, diagnostics of sucker rods, etc.), participation in exploration work on the shelf deposits of the Turkmen sector of the Caspian Sea, etc.,” the message says.

Tatneft PJSC has been cooperating with Turkmenistan since 2008. On January 25, 2021, the Tatneft branch launched production for the repair of used tubing.

As Tatarstan President Rustam Minnikhanov reported in December 2020 in an interview with TASS, 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 Turkmennebit State Concern made it possible to produce more than 280,000 tons of oil. Expansion of the scale of the project, according to forecasts, will make it possible to additionally produce more than 770,000 tons of oil.

In early December last year, Tatneft and the Turkmennebit State Concern of Turkmenistan signed an additional agreement on the continuation of work at the Goturdepe field until 2028. The agreement expands the cooperation of the companies in the field of enhanced oil recovery. According to it, the work program includes the first, second and third oil fields of NGDU Goturdepeneft in addition to those where Tatneft introduced its technologies in 2011-2014 and 2018-2020. Initially, the partners signed the Memorandum of Partnership at the Turkmennebit fields in 2018.

The main shareholder of Tatneft is the Republic of Tatarstan of the Russian Federation, which owns over 36 percent of the company’s shares. About 3 percent are treasury shares, 25.75 percent are placed in ADR. Other shareholders own 34 percent of the shares.