The Russian government will support oilfield service companies

The pandemic situation and the crisis are the hard times for all oil and gas companies. Many of them turn bankrupt.

INTECO stays up and cares for its workers. The company’s management is doing its best to ensure that the company continues to operate and provide services to oil companies. Currently, INTECO is loaded with orders related to long-term contracts.

The Ministry of Energy will have finished the project of oil and gas companies’ support by June 5. It was decided to create conditions for the oil companies to fund unfinished wells in order to support the oilfield services sector. Oil companies will order services and equipment for the development and preparation of new oil wells from Russian oilfield service companies in 2020-2021. The wells will be drilled without placing on production, which is planned after April 2022, for several years as demand recovers and oil production increases.

The management of INTECO expresses its gratitude to the Ministry of Energy of Russia, the Government of the Russian Federation, and separately to all INTECO’s partner oil companies for their support through the hard times.

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