EIA lowers Turkmenistan’s oil output forecasts for 2020
BAKU, Azerbaijan, Nov.11
By Leman Zeynalova – Trend:
Turkmenistan’s production is forecast to stand at 0.24 million barrels of petroleum and other liquids per day in 2020, Trend reports with reference to the US Energy Information Administration’s (EIA) in November Short-term Energy Outlook (STEO).
EIA has lowered the forecasted oil output volume in Turkmenistan from 0.25 million barrels per day in the previous STEO to 0.24 million barrels per day.
The country’s output is expected to stay at 0.24 million barrels per day in 2021, according to EIA’s estimates.
The country’s production was 0.24 million barrels per day in the first quarter and the second quarters of 2020 and 0.25 million barrels per day in the third quarter.
The expected production volume for the fourth quarter is 0.25 million barrels per day.
EIA estimates that Turkmenistan’s daily petroleum and other liquids production will stabilize at 0.24 million barrels per day for all four quarters of 2021.
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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