TATNEFT : Will Continue Working at the Goturdepe Field in Turkmenistan

TATNEFT Company and the State Concern of Turkmenistan 'Turkmennebit' signed a supplementary agreement to continue work at the Goturdepe field.

The new document was signed by Nail Maganov, General Director of TATNEFT, and Guichgeldi Baigeldiev, Chairman of the Turkmennebit State Concern.

The supplementary agreement shall be extended until 2028 and it will expand the cooperation between the companies in the area of enhanced oil recovery. The work program includes the first, the second and the third oil fields of NGDU 'Goturdenebit' in addition to those where TATNEFT had been introducing the Company's technologies from 2011 to 2014 and from 2018 to 2020.

Earlier in 2018, TATNEFT and SC Turkmennebit signed a Memorandum of Understanding for the development of partnership at the Turkmennebit fields. The new agreement confirms the intentions of the companies to continue joint work at the Goturdepe field and use effective technologies and TATNEFT's competencies in the area of intensifying the crude oil production.

During the joint work, the State Concern 'Turkmennebit' and TATNEFT Company produced 286 thousand tonnes of additional oil based on the results of the geological and technical measures and created more than 480 new jobs. TATNEFT introduced modern oilfield equipment, automation and telemechanics at the wells of the Goturdepe field as part of the production program implementation. TATNEFT professionals develop a digital model of the field. Further cooperation will expand the program of increasing the crude oil production in Turkmenistan.

In parallel with the main program under the contract with the State Concern the works were organized for the repair of submersible electric pumps, and projects were implemented for organizing the repair of oil tubing pipes, for increasing the turnaround time of wells, and supplies of equipment and inventory items for Turkmen oil workers are underway.

Nail Maganov, General Director of PJSC TATNEFT:

'TATNEFT Company has had long-standing friendly relations with Turkmenistan. This year our fruitful cooperation with the state concern 'Turkmennebit' is 10 years old.

We are glad that our competencies are in demand at the international market and we are always ready to openly engage in the dialogue with partners. '

Guichgeldi Baygeldiev, Chairman of the State Concern 'Turkmennebit':

'Since 2010 Turkmenneft has been successfully cooperating with TATNEFT within the framework of the concluded contract for the provision of well workover and enhanced oil recovery services at the Goturdepe field.

Thanks to effective geological and technical measures, crude oil production has been restored at 128 wells, mainly from the idle stock and the stock prepared for physical liquidation. Today, the cooperation between the State Concern 'Turkmennebit' and TATNEFT Comopany aimed at increasing the flow rate of oil wells has been extended for another 8 years'.

Forward-looking statements: This press release contains certain statements regarding future events and expectations, which are forward-looking in nature. Any statement in this press release that is not a historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ materially. PJSC TATNEFT shall assume no obligation to update such forecasts to reflect actual results, changes in assumptions or changes in factors affecting these statements.