China Petroleum Engineering unit signs $5.9b Turkmen gas field contract
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China Petroleum Engineering has signed a $4.6 billion contract for the fourth phase of Turkmenistan's Galkynysh gas field. The contract involves surface engineering work, with construction expected to be completed in 51 months, starting in 2026. The Galkynysh field is crucial for Turkmenistan's gas exports to China, producing 30 billion cubic meters annually. CNPC, the controlling shareholder, will also build a facility to process an additional 10 billion cubic meters of gas per year and drill new production wells.
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