ARETI taking part in development of Turkmen shelf of Caspian Sea
ASHGABAT, Turkmenistan, Feb. 20
By Huseyn Hasanov– Trend:
Turkmen President Gurbanguly Berdimuhamedov has received Head of ARETI International Group Igor Makarov, Trend reports referring to Turkmen Altyn Asyr TV channel.
The businessman expressed appreciation for the opportunity to participate in the implementation of large-scale investment projects for the development of the Turkmen fuel and energy complex.
“The interest in this project is conditioned by its colossal potential and the investment climate favorable for foreign business created in Turkmenistan,” Makarov said.
During the meeting, measures to develop the Turkmen shelf of the Caspian Sea were discussed. It was also noted that large-scale projects being implemented in Turkmenistan in the field of creating a multi-vector system of energy supplies to foreign markets play a significant role in strengthening global energy security.
In turn, Berdimuhamedov emphasized the need for strict control over the issues related to ensuring environmental standards and the implementation of all work within the deadlines established by the contracts.
ARETI headquartered in Geneva (Switzerland) has been operating in the local market since 2009 on the basis of a production sharing agreement. The company is an operator on 21 blocks of the Turkmen shelf of the Caspian Sea, which have two structures, namely, West Erdekli and South Erdekli.
Following the processing of 2D/3D seismic data obtained after exploration, the recoverable reserves of the block were estimated at 800 billion cubic meters of natural gas and 95.5 million tons of liquid hydrocarbons.
Earlier, a memorandum of understanding was signed between Turkmenistan’s state-owned Turkmen Oil state concern (Turkmennebit) and ARETI, as part of which preparatory work will be undertaken for the development of a hydrocarbon field in Turkmenistan’s Uzynada island, which was discovered in 2017.
As a result of drilling a well with a projected depth of 7,150 meters in the range of 6,689-6,695 meters, the specialists of Turkmennebit obtained an industrial flow of natural fuel. According to the preliminary estimates, the well productivity makes up 500,000 cubic meters of natural gas and 150 tons of gas condensate daily.
The ARETI International Group was created as a result of the rebranding of the ITERA international group of companies, formed in 1992, the official website of ARETI said.
The main activities of ARETI are the 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.