Turkmenistan’s hydrocarbon resources to remain in state property

Photo: Turkmenistan’s hydrocarbon resources to remain in state property / Turkmenistan

Ashgabat, Turkmenistan, Dec.28
By Huseyn Hasanov- Trend:

Turkmenistan's hydrocarbon subsoil will remain in state property, according to the law on denationalization and privatization of state property which took effect in Turkmenistan.

"Subsoil, forest fund, water resources, airspace, territorial waters and resources of marine economic zone cannot be the objects of denationalization and privatization of state property," according to the second paragraph of Article 6 of the law.

According to a British Petroleum report, Turkmenistan ranks fourth in the world for natural gas reserves after Russia, Iran and Qatar. In its report on the global energy sector-2013, BP said that Turkmenistan's proven gas reserves in 2012 totaled 17.5 trillion cubic meters, exceeding estimates for 2011 in the amount of 24.3 trillion cubic meters.

The largest fields are located in Mary province in the east of the country at Southern Yoloten - Osman (they were merged and renamed Galkynysh) and Yashlar with total resources estimated by local geologists and British GCA at 26.2 trillion cubic meters.

Turkmen Ministry of Oil and Gas Industry and Mineral Resources said in November 2013 that the geological exploration work that is being carried out shows the existence of more gas reserves at Galkynysh, making it the second largest field in the world after the South Pars.

Translated by L.Z.

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