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Italy's Eni ready to diversify activities in Turkmenistan

Oil&Gas Materials 7 November 2019 10:48 (UTC +04:00)

ASHGABAT, Turkmenistan, Nov. 7

By Huseyn Hasanov– Trend:

Eni S.p.A., an Italian multinational oil and gas company, is ready to diversify its activities in Turkmenistan, Eni Executive Vice President for Central Asia Luca Vignati said at a joint Turkmen-Italian business forum in Milan on Nov. 6, Trend reports referring to Turkmenistan State News Agency.

Vignati expressed his opinion about the possibility of diversifying Eni's activities in Turkmenistan, outside the oil and gas sector, for example, in developing renewable energy sources.

The report says that in Turkmenistan, jointly with foreign companies, four projects are being implemented on the basis of Production Sharing Agreements (PSA) in the Turkmen sector of the Caspian Sea and three such projects on land.

In particular, Eni has been operating since 2008 under the PSA on the Nebit-Dag contractual territory.

Vignati noted that over the period of successful activities in Turkmenistan, which is already more than 10 years, more than $2 billion have been invested in the development of the field on the contract territory. Currently, the company produces here over 2,000 tons of oil per day.

The vice president added that Eni, which is present in 63 countries of the world, prioritizes technologies that ensure environmental safety of production, which has special requirements in Turkmenistan.

The company makes large investments in technology and know-how. A number of them were first used precisely in Turkmenistan, and then began to be used in other countries and regions of the world, according to Turkmenistan State News Agency.

In November 2014, Eni extended the term of its activity in Turkmenistan within the Production Sharing Agreement (PSA) for ten years.

The matter rests in a contract territory of more than 1,000 square kilometers in the Balkan region of the country.

The company has also recently shown interest in exploring offshore blocks 19 and 20 in the Turkmen part of the Caspian Sea with reserves of more than 500 million tons of oil and 630 billion cubic meters of natural gas.

Earlier, during the negotiations with Turkmenistan, the Eni leadership voiced its desire in the long term to render assistance in supplying the Turkmen gas to the world markets.

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