Singapore company invests $70 million in fuel and energy sector of Turkmenistan

AKIPRESS.COM - This year, the Singapore company "Yug-Neftegaz Private Limited" will invest $70 million in a project under a contract with the state concern "Turkmennebit", according to the international conference "Oil and gas of Turkmenistan-2020", which was held on February 24-25 in Dubai.
"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.
The contractor has overhauled 1,544 wells. The company's investment in the project reached $369 million. The production of additional oil from these wells amounted to over 2.5 million tons.
According to the contract, work is planned for 80 oil wells in 2020, which is expected to produce more than 105,300 tons of oil. 6 new wells will be drilled additionally, which are expected to produce over 54,500 tons of oil.