Turkmen President approves amendments on law on hydrocarbon resources (UPDATE)
Details added (the first version was posted at 09:34 )
Turkmenistan , Ashgabat, Aug.12 / Trend, H. Hasanov /
Turkmen President Gurbanguly Berdimuhammadov approved amendments to the Law "On Hydrocarbon Resources", proposed by the country's parliament last week.
The document states that the seventh part of Article 64 of Turkmenistan's Law "On Hydrocarbon Resources", adopted by the country's Majlis on Aug. 20, 2008, should state as follows:
"Licensing of work on exploration and extraction of hydrocarbon resources, not regulated by this law, is carried out in accordance with the Turkmen law 'On licensing of certain activities'. "
At a regular meeting of the Turkmen parliament it was explained that "this law is aimed at the rational use and conservation of the country's natural resources for future generations."
South Yoloten-Osman, in the east of Turkmenistan, is the second largest gas field in the world, the Regional Manager of Gaffney, Cline & Associates (GCA) Peter Holding said in late May during an international gas congress in the Caspian Avaza.
In 2008 the company conducted an audit, assessing the approximate deposit reserves as 14 trillion cubic meters of gas - making it fourth in the world. Holding said that the confirmed final figures will soon be announced.
After comprehensive operations, Turkmengeology increased the expected reserves of Yoloten to 21 trillion cubic meters of gas in late October 2010.
More than a thousand prospective oil and gas structures have been discovered both onshore and offshore.
More than 150 deposits have been opened with only 50 being under development.
The long-term agreements on gas cooperation were signed with Russia, China, and Iran. The memorandum on cooperation was signed with the EU in the energy sector.
The gas pipeline from Turkmenistan to China has already been built in accordance with interstate agreements.
The Caspian mainline project is under consideration and Central Asia-Center's gas transportation system has been reconstructed.
Operations are implementing projects such as the Trans-Afghan and the Trans-Caspian gas pipelines.