ERIELL Group, a prominent Uzbek oilfield services company, is gearing up to broaden its horizons, according to an operational report cited by Upstream on August 16. The firm is preparing to foray into the Kazakhstan market, with plans to commence operations by the year's end. This expansion involves establishing an office in Astana, intending to collaborate with key players in the oil and gas sector and participate in their installation maintenance tenders.
Collaborative initiatives
ERIELL is also in negotiations for potential joint projects with partners based in China. The success of these discussions could potentially expand the company's operational scope to encompass five countries. This strategic outreach underscores ERIELL's proactive approach towards fostering collaboration and leveraging its expertise in diverse international contexts.
Existing contracts and changes
Currently, ERIELL Group is actively engaged in its native Uzbekistan and operates under contracts in Bangladesh and Iraq. Notably, the company recently divested its presence in Russia, where it had maintained a robust foothold, overseeing more than 30 drilling rigs and controlling 11% of the oilfield service market. The decision to sell its Russian subsidiaries, Eriell Management and Oil and Gas Service Energy, appears to have been influenced by the company's evolving strategic direction.
Shareholder considerations
Sources linked to ERIELL suggest that shareholders were motivated to distance the company from ties with the Russian Federation. This strategic shift could potentially impact the firm's expansion plans and its ability to fully capitalize on emerging opportunities in foreign markets.
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