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Turkmenistan plans to sign oil agreement with Italy's ENI

Oil&Gas Materials 13 August 2010 17:34 (UTC +04:00)

Turkmenistan, Ashgabat, 13 August / Trend, H. Hasanov /

Turkmenistan plans to sign an additional oil agreement with the Italian ENI.

The agreement will cover projects in the Nebit Dag region, which ENI received the right to develop after purchasing Burren Energy in 2008.

According to an official Turkmen source, Turkmen President Gurbanguly Berdimuhammadov discussed signing the agreement with top managers in the country's energy complex.

According to the president, the preparation of the agreement should be accelerated.

The deal with Burren Energy opened energy opportunities for ENI not only in Turkmenistan, but also in the Congo, Yemen and Egypt.

The PSA between Turkmenistan and ENI was signed in 1995 for a period of 27 years. The project envisages oil and gas development in the Balkan region. The contract territory is 1,050 square kilometers. Annual oil production in recent years has exceeded 1 million tons.

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