Turkmenistan targets for long-term oil and gas resources development of Caspian

Photo: Turkmenistan targets for long-term oil and gas resources development of Caspian / Oil&Gas

Ashgabat, Turkmenistan, April 11
By Huseyn Hasanov - Trend:

The long-term plans should be worked out for the development of fields in the Turkmen sector of the Caspian Sea, the Turkmen President Gurbangulu Berdimuhamedov said a special meeting in Ashgabat.

"The head of state said that we should take all necessary measures for the development of the onshore fields that have sufficient oil reserves, as well as to work out long-term development plans in the Turkmen sector of the Caspian Sea," the statement said.

The report also noted that the State Agency for Management and Use of Hydrocarbon Resources under the President of Turkmenistan was instructed "to increase oil production in the short term to attract the world famous company for the discovery and exploration of new oil and gas areas.

Some 32 licensed blocks with projected reserves of 11 billion tons of oil and 5.5 trillion cubic meters of gas, excluding the contracted blocks, were put for international tender in the Turkmen part of the Caspian Sea.

The Turkmen side considers it a priority to sign the production sharing agreements with foreign companies.

The Turkmen specialists said that more than 80 percent of reserves on the Turkmen part of the Caspian Sea are in sediments located at a depth of over 3,000 metres.

New perspectives are associated primarily with two major oil and gas basins - Middle Caspian and South Caspian.

Petronas, Dragon Oil, Buried Hill, RWE Dea AG, Itera and Zarubezhneft have been involved in the development of the Turkmen part of the Caspian Sea. Over $ 10 billion have been invested in the Turkmen sector of the Caspian Sea since the foreign companies began working.

Translated by S.I.
Edited by C.N.

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