Berdimuhamedov discussed the situation on the world oil market and its impact on the country’s economy

Berdimuhamedov discussed the situation on the world oil market and its impact on the country’s economy

President Gurbanguly Berdimuhamedov held a workshop on the situation on the world oil market and its impact on the Turkmen oil and gas complex. The head of state discussed these issues with Deputy Prime Minister Myratgeldi Meredov, who oversees the fuel and energy sector in the government, and Guichgeldi Baygeldiev, chairman of the Turkmenneft state concern.

Opening the meeting, the head of state noted that a lot of work is being done in the oil and gas industry to develop the industry. In particular, new oil fields are being commissioned – Northern Goturdepe, Uzynada, Altiguy, refining capacities and export of oil products are growing.

The head of state drew the attention of top managers of the Turkmen fuel and energy complex to the volatility of the international oil market, when prices are constantly changing in different directions. In this regard, the Turkmen leader named the reduction of the negative impact on the oil and gas sector of the country of falling world oil prices among the main tasks.

The President also said that it is important to maintain the growth rate of oil production and ensure the implementation of the programmatic obligations of the industry for 2020.

In their reports, Meredov and Baigeldiev reported that work is currently underway on horizontal directional drilling of two wells at the North Goturdepe field, it is planned to build the South Uzynada-7 well with a design depth of 6.5 thousand meters, and issues are being addressed of introducing a complex of modern technology etc.

The head of state recommended the Turkmenneft state concern to develop new forms of cooperation with international oil and gas companies, including in the field of exploration and development of fields, hydrocarbon processing.

With regard to reducing the negative impact of the situation on the world oil market on the economy of Turkmenistan, the president instructed to study international markets for petroleum products and conduct market research in order to identify types of products in high demand in the world.

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