Azerbaijan, Baku, September 4 / Trend A. Badalova /
Turkmenistan has announced huge reserves in the large field of 'South Yolotan' this week. It was confirmed as a result of new research conducted in Turkmenistan, Reuters said.
The 'South Yolotan' field, situated in the south-east of Turkmenistan, is considered as one of the largest in the world and a major source of supplies to the energy market. According to the British research firm Gaffney Cline, for 2008, gas reserves in the field were between 4-14 trillion cubic meters. Thus, the field is one of the world's five largest fields
According to the Turkmen Ministry of Oil and Gas, new research confirmed this information. "The results confirmed of Gaffney Cline's estimates," the ministry said.
China allocated $3 billion to develop the 'South Yolotan' field in June 2009.
Up till April the main direction of Turkmen gas supplies was to Russia. After disputes between the countries, Turkmenistan considered diverting its supply routes. Thus, Turkmenistan signed an agreement with Iran in the summer on increasing fuel supplies from 8 to 20 billion cubic meters per year. Iran has traditionally bought Turkmen gas, as well as Russian. A new branch of the gas pipeline to Iran is also planned to be launched by late 2009.
Turkmenistan and Azerbaijan are considered potential gas suppliers for the Nabucco pipeline, which has a capacity of 31 billion cubic meters per year. Construction of the gas pipeline is scheduled or 2011. Before, the Turkmen President Gurbanguly Berdymuhamedov expressed Turkmenistan's readiness to provide gas for this project.
According to BP, on January 1, 2009, Turkmenistan's proven gas reserves were 7.94 trillion cubic meters and Azerbaijan's were 1.2 trillion.
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