EIA revises up forecasts for Turkmenistan’s oil production

EIA revises up forecasts for Turkmenistan’s oil production

BAKU, Azerbaijan, March 1

By Leman Zeynalova – Trend:

Turkmenistan is expected to produce 0.25 million barrels of petroleum and other liquids per day as of 2020, the US Energy Information Administration (EIA) said in its February Short-term Energy Outlook (STEO), Trend reports.

EIA has also increased the forecasted volume of oil output in Turkmenistan for 2021, when the country is expected to produce 0.24 million barrels per day, as compared to 0.22 million barrels per day forecasted in the previous STEO.

As EIA estimates, Turkmenistan produced 0.25 million barrels of petroleum and other liquids per day as of 2019.

The country’s quarterly production in 2020 is expected to remain at 0.25 million barrels per day for all four quarters.

EIA estimates that Turkmenistan’s daily petroleum and other liquids production will stabilize at 0.24 million barrels per day for all four quarters.

Turkmenistan is rich in oil and especially gas resources. According to official figures, Turkmenistan’s resource base is approximately 71.64 billion tons of oil equivalent, including 53 billion tons located in onshore fields and 18.21 billion tons in the Caspian Sea.

The 2018 British Petroleum (BP) Statistical Review of World Energy indicated that Turkmenistan, as of the end of 2017, had 100 million tons of proven oil reserves and 19.5 tcm of gas.

The country is actively engaged in exploration and development of oil and natural gas fields, especially Galkynysh (formerly South Yoloten), Osman, Minara, Tagtabazar-I, offshore blocks, and the Central Karakum group of fields. Construction of gas treatment and processing units at the abovementioned fields are ongoing. Opportunities also exist for gas-to-liquid (GTL) technology providers as Turkmenistan is currently building two GTL plants.

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Follow the author on Twitter: @Lyaman_Zeyn

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