Parker Rigs Back to Work in Kazakhstan

Parker Drilling Company and its Kazakhstan joint venture AralParker have received notification from Tengizchevroil (TCO) to resume normal drilling operations in Kazakhstan's Tengiz field. The notification is part of an agreement reached this weekend between TCO Partners to significantly expand Tengiz production through the Second Generation and Sour Gas Injection Projects.

"The agreement illustrates the energy industry's strong commitment to Kazakhstan and recognizes the country's strategic importance in global oil supply," said Robert L. Parker Jr., president and chief executive officer. "We are proud to be the largest Western drilling contractor in Kazakhstan, and anticipate that our drilling and management services activity in Kazakhstan will make a strong contribution to the bottom line for the foreseeable future."

While AralParker received notification of the suspension in mid-November, the rigs and crews were instructed to suspend operations only upon completion of the wells in progress at that time. As a result, some operations have continued, and the company anticipates that the financial impact of the suspension will be minimal.