Apprehending the importance of challenges and its high responsibility, the Yug-Neftegaz Private Limited staff has successfully coped with the contracted scope of work. 136 well operations were carried out promptly and properly, which allowed to produce additionally almost 270,000 tons of the new oil.
The next landmark in the company's activity in Turkmenistan was the execution and implementation of the Contract No. Т5-8-397 dd. 17.05.2011. This contract envisaged well workover operations, increase in well production capacity and recovery of SC "TURKMENNEBIT" idle stock wells from 2011 to 2017. The result of the obligations fulfilment under this Contract was 1,035 well operations performed and 1,8 MM tons of the additional new oil produced as of 01.08.2017.
In August 2017, having regard to the results achieved and quality of the works performed by Yug-Neftegaz Private Limited while implementing the Contract, strict compliance with its contractual obligations, Customer-first attitude and prompt response to the Customer's requests, regarding us a reliable partner with an impeccable business reputation, SC "TURKMENNEBIT" has arrived at the decision to extend the said Contract for another five years, i.e. through 2022, while simultaneously expanding the range of services rendering by us.
On 29.11.2018 Yug-Neftegaz Private Limited and the SC “Turkmennebit” signed an Amendment Agreement to the Contract d.d. 17.05.2011 No. T5-8-397. The Agreement provides for the 15-years extension of the term of the said Contract until 2037 and expands the range of the services be provided by our company including among others the drilling of 60 vertical, deviated and horizontal wells with their depth of 4500 ÷ 5500 m in the North Goturdepe oilfield in Turkmenistan.
1,305 well operations had been performed and 2,2 MM tons of the additional new oil produced on a cumulative total from the beginning of the Contract No. T5-8-397 by 01.12.2018.
Having at our disposal the most advanced high-tech oilfield machinery & equipment required for meeting the production challenges, we however consider our employees to be our the most valuable asset. More than 600 Turkmen specialists are employed by the company in Turkmenistan. Their expertise and large practical experience in the oil & gas industry are highly appreciated by the Yug-Neftegaz Private Limited management team. The joint fruitful work of foreign and Turkmen specialists allows us to achieve the targeted production performance figures, thus developing the oil & gas sector of the Turkmenistan economy.