Turkmenistan wants to attract foreign investors to the exploration and development of the Caspian shelf
Turkmenistan plans to attract foreign companies to the exploration and development of fields on the Caspian Sea shelf. Ambassador Esen Aydogdaev said this at a briefing held on Tuesday at the Turkmen diplomatic mission in Moscow with the participation of the diplomatic corps accredited in Turkmenistan (with residence in Moscow), CIS states, the media, the cultural community, the Turkmen diaspora in Russia, and political scientists.
“President Serdar Berdimuhamedov instructed to continue to ensure a reliable supply of natural gas to domestic and foreign consumers. At the same time, the emphasis is on the need for phased industrial development of the Galkynysh gas field, the second largest in the world, and attracting foreign companies to the exploration and development of the Caspian Sea shelf,” Interfax.az quotes Aydogdyev.
As previously reported, Turkmenistan will hold an international forum in Paris on April 24-25 to attract foreign investment in the energy sector. The main focus of the upcoming forum will be on attracting investment in offshore blocks N21 and N23, West Cheleken, optimizing production at mature fields and developing the next stage of development of the giant Galkynysh field.
The goals of the event are to expand opportunities to attract foreign direct investment in all segments of the energy industry of Turkmenistan and strengthen regional dialogue on further sustainable development of the energy sector. The forum will discuss prospects for cooperation related to the production, transportation and processing of oil and gas. Turkmen and international energy companies, as well as experts, will take part in the forum.
The country's hydrocarbon resources are estimated at more than 71 billion tons of oil equivalent, which amount to more than 20 billion tons of oil and more than 50 trillion cubic meters of natural gas. Turkmenistan ranks fourth in the world in terms of proven natural gas reserves after Russia, Iran and Qatar.
Currently, the largest consumer of Turkmen natural gas is China. Today, Turkmenistan supplies China with more than 30 billion cubic meters of natural gas per year through three lines (A, B and C) of the Central Asian Gas Pipeline, and after the completion of the fourth line D, annual supplies of Turkmen natural gas will reach the contracted 65 billion cubic meters.
The Galkynysh deposit is at the stage of pilot production. Its reserves, together with the adjacent Yashlar and Garakel fields, are estimated at 27.4 trillion cubic meters of gas. Current production is 20 billion cubic meters per year with a design capacity of 30 billion cubic meters. In total, seven stages of development are envisaged, each with an increase in gas production of 30 billion cubic meters per year.
Turkmenistan is actively developing fields on the Caspian Sea shelf and onshore in the Balkan region. Eni, Dragon Oil, Petronas and other companies are engaged in oil and gas production in contract areas in the Caspian Sea.
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