Volume of hydrocarbon reserves in Turkmen sector of Caspian Sea revealed

Oil&Gas Materials 8 April 2019 13:03 (UTC +04:00)

Ashabat, Turkmenistan, April 8

By, Huseyn Hasanov - Trend:

The reserves of the Turkmen sector of the Caspian Sea are estimated by experts at 12.1 billion tons of oil and condensate, 6.1 trillion cubic meters of gas, Trend reports with reference to Turkmennebit (Turkmen Oil) state concern.

Such fields as Makhtumkuli, Diyarbekir and Garagol Deniz have been prepared for test commissioning in the Turkmen sector of the Caspian Sea.

It was earlier reported that 32 licensed blocks with projected reserves of 11 billion tons of oil and 5.5 trillion cubic meters of gas from the Turkmen part of the Caspian Sea (excluding already contracted blocks) were put up for an international tender.

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

Local estimates demonstrate that more than 80 percent of resources of the Turkmen part of Caspian Sea are located in sediments at depths above 3,000 meters and in poorly studied areas of oil and gas accumulation.

Turkmenistan annually produces about 10 million tons of oil. Production is provided by the state-owned Turkmen Oil and PSA-based companies from the United Kingdom, Malaysia, and the United Arab Emirates.

International companies such as Petronas, Dragon Oil, Buried Hill, RWE Dea AG, Areti and Eni are involved in the development and research of hydrocarbon resources of the Turkmen part of the Caspian Sea.