Turkmenistan wants to increase gas and oil production by 2020

Turkmenistan Materials 5 September 2018 16:19

Baku, Azerbaijan, Sept. 5


Turkmenistan plans to more than double the production of hydrocarbons by 2020 through the development of fields, including the South Yoloten gas and oil field, which has recently been recognized as the world's second largest natural gas reserves, the state source said.

"According to the established plan, it has been envisaged to bring gas production up to 187.7 billion cubic meters by 2020. The amount of oil production should reach 23.4 million tons", a government representative told Reuters on the sidelines of the opened investment forum in Ashgabat.

The current production capacity of Turkmenistan is estimated at 75-80 billion cubic meters of gas per year, the country produces about 10 million tons of oil each year. The government spokesman told Reuters that in their ambitious plans, the authorities are counting on multibillion-dollar investments in large-scale hydrocarbon projects: "The new fields, in particular the fields on the right bank of the Amu Darya river and the Caspian sea shelf are being developed at an accelerated pace.”

“Currently, the industrial development of the resource reserves of a large gas cluster, consisting of South Yoloten-Osman, Minara and Yashlar fields, the total resources of which are estimated at 26.2 trillion cubic meters of gas, that is, they are the second in the world, is being carried out," he said.

The Turkmen government has already announced its intention to triple gas production in the next 20 years to sell it not only to Russia, China and Iran, but also to Western Europe, India and Pakistan, and is negotiating the possibility of exporting Turkmen gas to Europe.

"Turkmenistan has started negotiations with Azerbaijan and the EU on the implementation of the Trans-Caspian gas pipeline project... The United Kingdom fully supports this process," Ronald Nash, Ambassador, UK Co-Chair of the Turkmenistan-UK Trade and Industry Council said through an interpreter at the forum.

"The export of energy resources in the European direction is the most important side of the foreign policy strategy of Turkmenistan, and accordingly the Trans-Caspian pipeline system is an important project for Turkmenistan, which indicates the readiness of Turkmenistan for mutually beneficial cooperation with all interested parties," the President of Turkmenistan Gurbanguly Berdimuhamedov said in his address to the participants of the conference.

In the coming days, President of Hungary Pal Schmitt will visit Ashgabat for talks at the highest level. A source close to the talks said that "the issue of Turkmen gas supplies to Europe will be touched upon."