Turkmenistan holds 70 percent of hard-to-extract oil reserves

Turkmenistan holds 70 percent of hard-to-extract oil reserves

Turkmenistan, Ashgabat, July 3 / Trend H. Hasanov /

According to specialists, about 70 percent of the total balance of Turkmen recoverable oil reserves fall to resources in deep deposits that are hard to extract, Turkmenneft state concern said today.

These deposits will be the main resource base of the country's oil industry in the near future. Capital investments in their development are higher compared to traditional oil production conditions.

In particular, the state concern explains the significant increase in production with the prospect of development of deep-seated onshore deposits in the Caspian, Murghab and the Amudarya oil and gas regions.

The share of raw material production will be increased in the Turkmen sector of the Caspian Sea in the future. Foreign investors are working here now. "However, Turkmenneft state concern has the plans to develop the offshore fields."

"Turkmenneft" is dealing with industrial exploitation in 30 onshore fields. They include more than 600 oil, oil and gas and gas deposits that are at different stages of development.

The state concern has managed to increase oil production from 5 to 8 million tons per year during the years of independence. Further increase in oil production is associated with the introduction of new technologies that will ensure hard-to-extract oil at the long mastered
fields and developing previously inaccessible deep oil horizons.

Oil production in Turkmenistan in 2011 amounted to 216,000 barrels per day, BP annual review, without comparisons to 2010 said. Turkmenistan's share in the global oil production last year was 0.3 percent.

According to BP, oil consumption in the country increased by 3.9 percent to 108,000 barrels per day in 2011.

BP left its estimates on proven oil reserves in Turkmenistan in 2011 without changes - at 0.1 billion tons (0.6 billion barrels), as in the previous year.

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