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President of Turkmenistan: it is necessary to intensify work on the development of allocated investments in the fuel and energy complex

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05 May 2022

Last Friday, the President of Turkmenistan Serdar Berdimuhamedov held a regular meeting of the Cabinet of Ministers on the digital system. There drafts of a number of documents, as well as some other issues were considered. Among other things, issues of effective development of investments invested in the oil and gas industry in order to increase hydrocarbon production were discussed.

 During the meeting, Vice-Chairman of the Cabinet of Ministers Shakhym Abdrakhmanov reported on the steps taken to increase the production of hydrocarbon resources in the coming years.

 Information was provided on the ongoing measures to provide financial support to the State Concerns «Turkmengas», «Turkmennebit» and the State Corporation «Turkmengeology» to finance the production of additional volumes of oil and natural gas in the next two years.

 A separate topic of the report was the work currently being carried out by the State Concerns «Turkmengas» and «Turkmennebit» in oil and gas fields.

 The Vice-Chairman also reported on the steps being taken to conclude a contract for the purchase of equipment for repair work at a number of gas fields.

 As noted, in the coming years, the State Corporation «Turkmengeology» plans to drill exploratory wells at several sites in order to increase the production of natural gas and oil. It was also reported on the results of tenders held for the purchase of the necessary equipment and materials at the expense of loans allocated for the performance of these works, and the ongoing measures to conclude the relevant contract.

 Having listened to the report, the President of Turkmenistan drew attention to the need to further increase the volume of production and processing of oil and natural gas by identifying new promising fields and reservoirs, modernizing existing ones.

 Focusing on the importance of systematic diversification of the fuel and energy complex, strengthening effective cooperation with all interested foreign partners, the head of state instructed the Vice-Chairman to intensify work on the timely implementation of the plan for the development of allocated investments.