Oil and gas activities under PSA conducted on schedule in Turkmenistan
Dec 08, 2012 (Menafn - Trend News Agency - McClatchy-Tribune Information Services via COMTEX) --ASHGABAT, Turkmenistan -- A report of the State Agency for Management and Use of Hydrocarbon Resources under the President of Turkmenistan was heard at the government meeting in Ashgabat, the national TV channel Altyn Asir said on Saturday.
"Practical steps are being taken to strengthen the productive cooperation in the energy sector with leading foreign companies operating in the country in accordance with the signed agreements," the media said.
It is reported that the projects for oil and gas, exploration and geological research are carried out "in accordance with the established schedule."
President Gurbanguly Berdymuhamedov stressed the importance of taking effective measures for the successful implementation of priorities.
In his view, increase in oil and gas production, diversification of hydrocarbon resources export to the world market and modernization of energy in general are the priorities.
Turkmen leader instructed to take appropriate measures to enhance the exploration and drilling operations in the search for new oil and gas fields.
Companies from the UK, Russia, Germany, Italy, Malaysia, Turkey, Canada and China are operating in Turkmenistan through PSAs. In particular, such companies as Petronas, Dragon Oil, Burried Hill, RWE, Itera, Zarubezhneft, ENI (swallowed shares Burren Energy), CNPC are involved in the development of the Turkmen part of the Caspian sea.
Major investment projects, including the works on integrated geophysical studies, exploratory drilling and infrastructure development of offshore oil and gas prospective license blocks are implemented with their participation.
It is expected that more than 65 percent of the total volume of investment and oil production by PSA contractors in 2012 will account for the Turkmen sector of the Caspian Sea. Total investments for the implementation of joint projects in the oil and gas industry in Turkmenistan amounted to about 1.34 billion for 10 months of 2012.
Licensing of offshore blocks is carried out under national law On Hydrocarbon Resources. Deputy Director of the State Agency Ashyrguly Begliyev said there are 32 licensed blocks in the national sector of the Caspian Sea.
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Tags: Turkmenistan, oil, gas
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