ARETI interested in implementing new joint oil & gas projects in Turkmenistan

Oil&Gas Materials 29 April 2019 13:26 (UTC +04:00)

Ashgabat, Turkmenistan, April 29

By Huseyn Hasanov – Trend:

President of Turkmenistan Gurbanguly Berdimuhamedov received Head of the ARETI International Group (with headquarters in Geneva) Igor Makarov, Trend reports referring to the Altyn Asyr local TV channel.

The businessman informed the Turkmen president about the activities of the holding in the country, confirming interest in the implementation of new joint projects in the oil and gas sector, as well as other areas, the report said.

Earlier, a memorandum of understanding was signed in the Turkmen capital of Ashgabat between Turkmenistan’s state-owned Turkmen Oil (Turkmennebit) company and the ARETI international group of companies (with its headquarters in Geneva, Switzerland).

It was reported in 2017 that a promising natural gas field was discovered in Uzynada. As a result of drilling a super-deep well with a projected depth of 7,150 meters in the range of 6,689-6,695 meters, the specialists of Turkmen Oil obtained an industrial flow of natural fuel.

"According to preliminary estimates, the well productivity makes up 500,000 cubic meters of natural gas and 150 tons of gas condensate daily. Overall, this confirms the huge hydrocarbon potential of the coastal zone and shallow waters of the Caspian Sea," the information said.

The official website of ARETI states that the corporation was created as a result of the rebranding of the ITERA international group of companies, formed in 1992. The main activities of ARETI are projects in the field of fuel and energy complex, particularly the development of the shelf of the Turkmen sector of the Caspian Sea, trading, engineering, and development projects, as well as investments in the real sector of the economy.

The company has been operating in Turkmenistan since 2009 based on a production sharing agreement.

The company operates on Block 21 of the Turkmen shelf of the Caspian Sea, consisting of 2 structures: West Erdekli and South Erdekli. The company reported earlier that research had shown that the hydrocarbon structures were highly promising.

Following the processing of 2D/3D seismic data obtained after exploration, the estimated recoverable reserves of the block were estimated at 800 billion cubic meters of natural gas and 95.5 million tons of liquid hydrocarbons.