President: Vital for Turkmenistan to continue Caspian development

Oil&Gas Materials 23 August 2012 18:12

Turkmenistan, Ashgabat, Aug. 23 / Trend H.Hasanov /

Turkmen President Gurbanguly Berdimuhamedov stressed the importance of oil and gas field development at the last governmental meeting in the Turkmen sector of the Caspian Sea, the national broadcaster reported on Thursday.

The president believes "broad opportunity opens up for mutually beneficial cooperation with foreign partners, including the world's leading companies with advanced technologies and know-how."

The Turkmen president stressed the need for sustained action on the radical modernization of the fuel and energy complex's industrial infrastructure.

Ashgabat considers signing PSAs with foreign companies through direct negotiations to be a priority. Negotiations with companies such as Chevron, ExxonMobil, Total, Gas de France, Eni, ConocoPhilips, Midland Oil & Gas, British Petroleum and several companies from the Far East and the Persian Gulf are ongoing.

A number of oil operations in Turkmenistan are conducted by companies from Malaysia, UK, the UAE and other countries.

According to the Turkmen side, over 80 percent of the offshore hydrocarbon reserves are located in sediments at a depth of 3,000 meters.