TATNEFT Develops Oilfield Services
The purchase and sale agreement has been signed by Nail Maganov, General Director of PJSC TATNEFT, and Yan Sharipov, General Director of OOO TNG-Group.
The assets acquired by the Company include production bases, equipment, hardware complex, special equipment, vehicles, a client base and a portfolio of existing contracts.
Being one of the leading oilfield service companies in the region, TNG-AlGIS provides services for carrying out geological and production geophysical works in structural, exploration and production wells. The acquisition of TNG-AlGIS will improve the operations efficiency at the Company's fields being commissioned, production management and development planning processes.
At the current stage of development, TNG-AlGIS will continue its operating activities as a subsidiary of TATNEFT while maintaining the number of employees.
Nail Maganov, General Director of PJSC TATNEFT:
TATNEFT is actively developing service projects for drilling, well workover, including those outside Tatarstan. The acquisition of an oil service enterprise will ensure a synergistic effect, will help building a service ecosystem, and will increase the value of TATNEFT at the expense of coming into new markets for offering the geophysical well survey services. For our Company this means an additional expansion of competencies, business diversification, as well as a decrease in dependence on contractors."