Ashgabat, Turkmenistan, Nov. 17
By Huseyn Hasanov- Trend:
The development of oil and gas resources in the Turkmen section of the Caspian Sea is a priority area for investments in the country's oil and gas industry.
Muhamentnur Halylov, the Turkmen Minister of Petroleum and Mineral Resources, made these remarks at the OGT 2015 -- Turkmenistan International Oil & Gas Exhibition.
The country's oil and gas resources in this location are estimated at 12.1 billion tons of oil and 6.1 trillion cubic meters of gas.
The Turkmen section of the Caspian Sea has been divided into 32 licensed blocks. Work is currently underway in five blocks. The remaining blocks are the subject of direct but not exclusive negotiations for all concerned parties.
Halylov said large enterprises are greatly interested in and ready for technological cooperation and making investments in these licensed blocks.
He claimed this testifies to the credibility of the country as a reliable, stable, and responsible partner.
Halylov also noted that the Galkynysh field, the largest of its kind in the world to be discovered by Turkmen geologists, stands apart from the more than 180 deposits of hydrocarbons discovered in Turkmenistan.
He stressed that, according to an independent audit, the reserves of the Galkynysh field, which ranks second in the world in terms of reserve volume, together with the Yashlar deposits, to date, are estimated at 26.2 trillion cubic meters of natural gas, taking into account the reserves of the newly discovered Garakel field included in the block of deposits -- up to 27.4 trillion cubic meters.
Halylov said the Caspian region held a significant concentration of energy resources. At the same time, he pointed out that the very location of the Caspian Sea, in the heart of one of the major transport corridors between Europe and Asia, determined its strategic importance in the field of regional energy security.
The minister claimed that for Turkmenistan and the rest of the Caspian states, the concerned region was important in terms of not only resource wealth but also the creation of a zone of sustainable socioeconomic development.