ARETI inform Turkmenistan about promotion of number of joint projects
BAKU, Azerbaijan, September 28
By Jeila Aliyeva - Trend:
Turkmenistan and ARETI informed President of Turkmenistan Gurbanguly Berdimuhamedov about the done work, including the promotion of a number of joint projects, Trend reports with reference to the Turkmenportal information portal.
The discussions were held during a meeting of President of Turkmenistan Gurbanguly Berdimuhamedov with the head of the international group of companies ARETI Igor Makarov.
The parties discussed the prospects of cooperation in the context of priorities of the socio-economic development of Turkmenistan and the accumulated experience of joint work in various fields, including the fuel and energy sector, construction, and transport industries.
Turkmenistan attaches great importance to expanding ties with foreign companies that have advanced technologies, the report says.
ARETI headquartered in Geneva (Switzerland) has been operating in the local market since 2009 on the basis of a production sharing agreement. The company is an operator on 21 blocks of the Turkmen shelf of the Caspian Sea, which has two structures, namely, West Erdekli and South Erdekli.
Following the processing of 2D/3D seismic data obtained after exploration, the recoverable reserves of the block were estimated at 800 billion cubic meters of natural gas and 95.5 million tons of liquid hydrocarbons.
Earlier, a memorandum of understanding was signed between Turkmenistan’s state-owned Turkmen Oil state concern (Turkmennebit) and ARETI, as part of which preparatory work will be undertaken for the development of a hydrocarbon field in Turkmenistan’s Uzynada island, which was discovered in 2017.
As a result of drilling a well with a projected depth of 7,150 meters in the range of 6,689-6,695 meters, the specialists of Turkmennebit obtained an industrial flow of natural fuel. According to the preliminary estimates, good productivity makes up 500,000 cubic meters of natural gas and 150 tons of gas condensate daily.
The ARETI International Group was created as a result of the rebranding of the ITERA international group of companies, formed in 1992, the official website of ARETI said.
The main activities of ARETI are the projects in the field of fuel and energy complex, particularly the development of the shelf of the Turkmen sector of the Caspian Sea, trading, engineering, and development projects, as well as investments in the real sector of the economy.
Follow the author on Twitter: @JeilaAliyeva