Turkmen part of Caspian Sea has great potential of hydrocarbon resources

Oil&Gas Materials 27 March 2018 19:06 (UTC +04:00)

Ashgabat, Turkmenistan, March 27

By Huseyn Hasanov– Trend:

Turkmen President Gurbanguly Berdimuhamedov at a government meeting pointed to the great potential of the national sector of the Caspian Sea and its coastal zone, which possess the richest hydrocarbon resources, the Turkmen Altyn Asyr TV channel reported March 27.

Berdimuhamedov stressed that boosting partnership with other states and business circles of the world is an important aspect of the Turkmen energy policy, according to the report.

Berdimuhamedov gave Deputy Prime Minister Maksat Babayev several instructions on attracting foreign investments to major infrastructure projects aimed at further diversification of the fuel and energy complex and development of the oil and gas processing industry.

The Turkmen president also ordered to constantly control the activities of oil and gas companies and, most importantly, the fulfillment of environmental protection requirements.

Earlier it was reported that 32 licensed blocks with estimated reserves of 11 billion tons of oil and 5.5 trillion cubic meters of gas in the Turkmen part of the Caspian Sea, excluding already contracted blocks, were put up for the international tender.

The priority is to conclude production sharing agreements (PSAs) with foreign companies.

Turkmenistan annually produces about 10 million tons of oil.

Petronas, Dragon Oil, Buried Hill Energy, RWE Dea AG, Itera and Eni companies are involved in the development of the Turkmen sector of the Caspian Sea.