Ashgabat, Turkmenistan, May 30
By Huseyn Hasanov - Trend:
Foreign companies have presented Ashgabat with a number of proposals for the implementation of joint investment projects in the sphere of development of the Turkmen sector of the Caspian Sea, local TV channel "Altyn Asyr" reported May 30.
"A number of proposals on the implementation of joint investment projects in the sphere of processing of natural gas, oil and gas condensate, and development of fields in the Turkmen sector of the Caspian Sea, exploration, introduction of new technologies, best practices and scientific developments that can be applied in various sectors of the oil and gas industry, have been announced by foreign companies," the message said.
This issue was discussed at a meeting of the President of Turkmenistan Gurbanguly Berdimuhamedov with top managers of the country's oil and gas complex.
Earlier it was reported that in the Turkmen sector of the Caspian Sea, 32 license blocks with projected reserves of 11 billion tons of oil and 5.5 trillion cubic meters of gas were put up for international tender, without taking into account the already contracted blocks.
Priority task is the conclusion of Production Sharing Agreements (PSAs) with foreign companies. According to local estimates, more than 80 percent of the resources of the Turkmen sector of the Caspian Sea are in sediments at depths of more than 3000 meters and in poorly studied areas of oil and gas accumulation.
Turkmenistan annually produces about 10 million tons of oil: the production is provided by the State Concern "Turkmenneft" and companies from the UK, Malaysia and the UAE operating on the basis of PSA. Petronas, Dragon Oil, Buried Hill, RWE Dea AG, Areti (ITERA) and Eni are involved in the development and exploration of the Turkmen sector of the Caspian Sea.