Foreign Oil Investments to Total $2.5bln in Turkmenistan in 2008: State Agency

Oil&Gas Materials 23 April 2008 13:04 (UTC +04:00)
Foreign Oil Investments to Total $2.5bln in   Turkmenistan in 2008: State Agency

Azerbaijan, Baku, 23 April / corr. Trend S. Aliyev/ Turkmenistan is expecting $2.5bln foreign investments to be put into its oil and gas sector in 2008, Bayrammurad Muradov, the executive director of State Agency for Management and Utilization of Hydrocarbon Resources under Presidential Administration of Turkmenistan, said in Baku on 23 April.

According to Muradov, the hydrocarbon reserves in Turkmenistan is valued at 45bln tons of oil equivalent, 21bln tons of which accounts for liquid hydrocarbons and 25trln cu. meters - accounts for gas. The reserves in sea blocs of Turkmen shelf are valued at 18bln tons of oil equivalent, 12bln tons of which accounts for oil and 5trln cu. meters - for gas.

He highly appreciated the new planned routes for export of hydrocarbon from Turkmenistan and stressed that the issue of Trans-Caspian routes still stands on the agenda.

Muradov is participating in the second Caspian Oil and Gas, Trade and Transport Conference in Baku together with the other representatives of foreign countries. The Conference is sponsored by the British Confidence Energy and State Oil Academy of Azerbaijan.

Macro-integration of Caspian, as one of the most important oil and gas reservoirs of 21st century in the world energy markets, is on the agenda of the conference. The conference participants will also analyze influence of export to economy and oil and gas sector of Caspian Littoral countries, the energy market of Caspian Sea countries, trade in the region, transport infrastructure and transit and quality of mineral oil as well.