Parker Drilling Wins Contract in Turkmenistan
Parker Drilling
Parker Drilling and Calik Enerji A.S. have been awarded a three-year contract for two land rigs in Turkmenistan. This project will further expand Parker's significant presence in the Commonwealth of Independent States, where it has operated since 1991.
The principal contract was awarded by State Concern Turkmenneft and will utilize two Parker rigs. The contract also provides for a two-year extension period and is expected to commence in September 2003, following the mobilization of Rig 230 from Kazakhstan to Western Turkmenistan's Korpedje Field, which is operated by Turkmenneft. The current schedule anticipates that the second Parker rig would begin work prior to year end.
"We are excited to be one of the few U.S. drilling contractors to participate in Turkmenistan's plan for increasing the scope of its oil and gas exploration and production drilling," said Robert L. Parker Jr., president and chief executive officer. "This opportunity is consistent with the company's history of drilling in developing markets, and is in line with our stated objectives of increasing rig utilization and seizing new growth opportunities with minimal capital expenditures. We look forward to developing strong, mutually beneficial relationships with Calik Enerji and Turkmenneft that will result in continued activity in this region."
The principal contract was awarded by State Concern Turkmenneft and will utilize two Parker rigs. The contract also provides for a two-year extension period and is expected to commence in September 2003, following the mobilization of Rig 230 from Kazakhstan to Western Turkmenistan's Korpedje Field, which is operated by Turkmenneft. The current schedule anticipates that the second Parker rig would begin work prior to year end.
"We are excited to be one of the few U.S. drilling contractors to participate in Turkmenistan's plan for increasing the scope of its oil and gas exploration and production drilling," said Robert L. Parker Jr., president and chief executive officer. "This opportunity is consistent with the company's history of drilling in developing markets, and is in line with our stated objectives of increasing rig utilization and seizing new growth opportunities with minimal capital expenditures. We look forward to developing strong, mutually beneficial relationships with Calik Enerji and Turkmenneft that will result in continued activity in this region."
Most Popular Articles
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- US Confirms Reimposition of Oil Sanctions against Venezuela
- Analyst Says USA Influence on Middle East Seems to be Fading
- Brazil Court Reinstates Petrobras Chair to Divided Board
- Russian Ships to Remain Banned from US Ports
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally