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It is planned to increase oil production in the Cheleken contract area

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04 October 2022

At present, the State Concern «Turkmennebit» is working on the development of fields that are part of the Cheleken contract area, as well as increasing the volume of oil produced by drilling new oil wells.

Vice-Chairman of the Cabinet of Ministers Shakhym Abdrakhmanov reported on the ongoing work in this direction during a government meeting last Friday.

 After listening to the report, the President of Turkmenistan noted that with the accelerated development of oil and gas fields in the country, the drilling of new wells, the involvement of large profile companies interested in participating in ongoing industry projects, the development of the domestic fuel and energy complex is being carried out, and addressed the Vice-premier with specific instructions in this regard.

 It should be noted that in the contract area «Cheleken» in the Turkmen shelf of the Caspian Sea, the development of deposits is carried out by the company «Dragon Oil», which operates in Turkmenistan on the basis of a Production Sharing Agreement (PSA). The main activity of the company is focused on the development of oil fields Jeytun and Jigalybeg, where the operator has been successfully operating since May 2000. During this period, more than 8 billion US dollars were invested in the project.

 At the end of September, the meeting of the President of Turkmenistan Serdar Berdimuhamedov with the executive director of Dragon Oil Ali Rashid Al-Jarvan took place. During the conversation, it was noted that among the priorities of further cooperation is an increase in the volume of production and processing of oil and gas, as well as the export of Turkmen energy resources.