Turkmenistan holds negotiations on 27 licensed blocks of Caspian Sea
Turkmenistan, Ashgabat, Nov. 15 / Trend H. Hasanov /
There are 32 licensed blocks in the Turkmen sector of the Caspian Sea.
The oil operations on the basis of Production Sharing Agreements (PSA) are being held at five blocks. The rest blocks are a topic of direct non-exclusive negotiations for all concerned parties.
Deputy director of the State Agency for Management and Use of Hydrocarbon Resources under the Turkmen President Ashirguli Begliyev said at the 17th Turkmenistan International Oil & Gas Conference on Wednesday.
Such foreign companies as Petronas Sarigali, Buried Hill, Dragon Oil Ltd. RWE Dea AG and Itera work on the shelf of the Turkmen sector of the Caspian Sea on the basis of the Production Sharing Agreements.
He said that major investment projects are being implemented with their participation. The operations on integrated geophysical studies, exploratory drilling and infrastructure development of offshore oil and gas production at prospective license blocks are being conducted.
Over 65 percent of the total amount of investments and oil production by contractors on the basis of PSA will fall to the Turkmen sector of the Caspian Sea in 2012.
The offshore blocks are licensed in accordance with the national law on "Hydrocarbon Resources".