Italian Eni extends its activity term in Turkmenistan
Ashgabat, Turkmenistan, Nov.18
By Huseyn Hasanov- Trend:
Eni Italian oil and gas company extended the term of the agreement on production sharing (PSA) within the framework of its activities in Turkmenistan for additional 10 years, a source close to the negotiations told Trend Nov.18.
The source said that the ceremony of signing the document on the extension of the company's activity in Turkmenistan was held in Ashgabat within the framework of the working visit of the Prime Minister of Italy Matteo Renzi to the country.
Negotiations of Italian Prime Minister with Turkmen President Gurbanguly Berdimuhammadov were held on November 18. The structure of the Italian delegation also included Eni head Claudio Descalzi.
Turkmenistan, which has reserves of hydrocarbon resources of global importance, is upgrading the fuel and energy complex. Modernization involves the construction of associated infrastructure, increase in hydrocarbon production and the creation of a developed network of export routes for the exit of Turkmen energy carriers to the world markets.
Activity of Eni, which has invested in Turkmenistan over $1.5 billion since 2008, covers in the contract territory, located in the Balkan velayat (region) of the country, an area of more than 1,000 square kilometers.
Ashgabat invites foreign companies, as well as the European ones to develop hydrocarbons in the Turkmen part of the Caspian Sea, where 11 billion metric tons of oil and 5.5 trillion cubic meters of gas of forecasted resources, excluding contracted blocks, are concentrated.
The source said that Eni expressed interest in conducting research on offshore blocks No.19 and No.20 in the Turkmen part of the Caspian Sea with the estimated reserves of more than 500 million metric tons of oil and 630 billion cubic meters of gas.
Earlier, the leadership of Eni declared its desire to assist in the promotion of Turkmen gas to the world markets in the long run in the negotiations with Turkmenistan, and one of the promising directions for it is the European one.