President: Caspian Sea development is Turkmen fuel-energy strategic area

President: Caspian Sea development is Turkmen fuel-energy strategic area

Turkmenistan, Ashgabat, March 7 / Trend H. Hasanov /

The full development of the abundant hydrocarbon resources of the Caspian Sea included in the world's inventory of the largest oil and gas reserves, is the strategic direction for developing the Turkmen fuel and energy complex, Turkmen President Gurbanguly Berdymukhamedov said in Ashgabat today, the Turkmen government reported.

According to the president, the main increase in 'black gold' production will be observed offshore in the near future.

This issue was discussed at a meeting of the Cabinet of Ministers. A report of the State Agency for Management and Use of Hydrocarbon Resources under the Turkmen President was heard.

In particular, information about the progress of work on the development of hydrocarbon deposits in the Turkmen sector and the coastal zone of the Caspian Sea and comprehensive measures taken to increase oil and gas volumes including the construction of new wells and other infrastructural facilities, as well as introducing innovative technologies was voiced.

Special attention is being given to the projects in the processing of associated gas and improving environmental safety to ensure the growth of hydrocarbon reserves.

According to the government report, the gas sector has great prospects.

The president ordered the monitoring of the activity of oil and gas companies and the need to fulfil the requirements for environmental protection.

At the current level, Petronas, Dragon Oil, Buried Hill, RWE, Intera are involved in the exploitation of the Turkmen sector of the Caspian Sea. At least 32 licensed blocks are participating in an international tender. According to some calculations, 11 billion tons of oil and 5.5 trillion cubic meters of gas from the predicted natural resources are concentrated in these fields, excluding early blocks under contract.

Talks are being carried out with BP, Chevron and TX Oil, ConocoPhillips, ExxonMobil and other companies. Ashgabat considers signing product sharing agreements as a priority issue for its economy by means of holding direct talks.

Turkmen specialists consider that 80 per cent of hydrocarbon recourses of the shelf are concentrated in the precipitations located at a depth of 3000 metres, as well as less investigated oil fields. So, there is the real possibility of discovering new significant oil and gas fields. New prospects are mostly connected with two large oil and gas basins - Middle Caspian and South Caspian.

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