24 Jun 2019 12:23

Turkmenistan, Tatneft agree to expand cooperation on oil production

KAZAN. June 24 (Interfax) - Tatneft and state oil company Turkmennebit signed a memorandum of understanding during Turkmen President Gurbanguly Berdimuhamedow's visit to Tatarstan, the Russian oil company said in a press release.

"The signed document shall allow expanding cooperation between the companies in utilizing effective technologies and competencies of Tatneft at the fields of Turkmennebit. The plans provide for the development of partnership relations in drilling of oil and gas wells, sidetracking, provision of material and technical resources in the area of enhancing crude oil production, etc.," Tatneft said.

"Tatneft conducts its activities in oil production [in Turkmenistan], a substantial amount of oil has already been produced. This indicates that we will not only produce oil, but going forward with Tatneft we will, probably, already look at issues of refining in future," Berdimuhamedow told reporters after a meeting with Tatar President Rustam Minnikhanov.

Tatneft CEO Nail Maganov told reporters that the company has produced about 200,000 tonnes of oil in Turkmenistan.

"Refining is a new challenge that we need to think through for ourselves. There were suggestions, in short we will prepare proposals," Maganov said.

In the course of its visit to Tatarstan, the Turkmen delegation toured Tatneft's Nizhnekamsk business sector, visiting the Taneco oil refining complex and tire plants. The Turkmen officials also viewed an exhibition of Tatarstan's industrial potential, where Tatneft presented projects in its key divisions, including oil refining, petrochemicals, tires and the composite cluster.

"The company presented effective technologies that can be used to double oil production in Turkmenistan," the press release said.

Tatneft and Turkmennebit signed a seven-year contract in August 2010 for services to boost oil recovery at the Turkmen company's Goturdep field. Tatneft registered a branch in Turkmenistan in February 2011.

This year Tatneft said it resumed work on increasing oil recovery rates well workovers at the Goturdep field.