Data on investments revealed within production sharing agreements in Turkmenistan

Business Materials 5 November 2012 20:00 (UTC +04:00)

Turkmenistan, Ashgabat, Nov. 5 / Trend H. Hasanov /

Within ten months of 2012, the total amount of investments for implementation of joint projects in the oil and gas industry amounted to $ 1.342.750 billion, the local media reported on Monday, with reference to the State Agency for Management and Use of Hydrocarbon Resources under the President.

Based on contracts of production sharing agreement (PSA) type, companies from the UK, Russia, Germany, Italy, Malaysia,UAE, Canada and China are operating in Turkmenistan. Petronas, Dragon Oil, Buried Hill, RWE, Itera, Zarubezhneft are involved in development of the Turkmen sector of the Caspian Sea, onshore work is implemented by ENI (purchased shares of Burren Energy) and CNPC.

According to information, the growth rate of oil production in the contract area reached 110.7 percent, natural gas - 130.1 percent compared to the same period last year.

Supply of natural gas to China from the fields included in the contract area of Bagtyyarlyk, developed by CNPC, increased by 18.8 percent.

At a recent government meeting, President Gurbanguli Berdimuhamedow emphasized that complex modernization and technical upgrading of energy companies, strengthening resource base of the industry, including by accelerating the industrial development of new oil and gas fields, as well as creating the multiple supply chains of Turkmen energy to world markets are important aspects of Turkmenistan's energy strategy.

The President noted the expediency of further strengthening mutually beneficial cooperation with the world's leading oil and gas companies, attraction of foreign investment.