Turkmenistan to develop new oil field in Caspian Sea

Turkmenistan Materials 7 January 2017 14:49 (UTC +04:00)

Ashgabat, Turkmenistan, Jan. 7

By Huseyn Hasanov – Trend:

The Turkmen Oil State Concern held research at the Demirgazyk Goturdepe field located on the Turkmen shelf of the Caspian Sea, the Turkmen government said in a message.

The research showed the presence of the rich hydrocarbon reserves in the field, according to the message.

The project of development of this field has been worked out. In order to attract foreign investments by compensating for the money spent with a part of the volume of the produced oil, it is planned to create a joint venture, where the Turkmen Oil State Concern will carry out 90 percent of the work and a potential foreign investor will render maintenance services.

The development of this area at the first phase will require about $600 million. The investment program envisages the development of 15,000 square meters of the Demirgazyk Goturdepe field located on the Caspian Sea shelf.

It is planned to drill 60 exploration and development wells within the first phase of the work.

It is envisaged to produce more than 6.855 million tons of oil at the Demirgazyk Goturdepe field if the project is realized within 7 years.