03-06-02 Turkmenistan plans to double investment in its oil and gas sector this year, compared to last year, announced the Turkmen Ministry of Oil and Gas Industry and Mineral Resources. According to the ministry, about $ 800 mm was invested in the sector in 2001.
Projects involving non-resident contractors accounted for nearly half the figure. Double investment this year, ministry specialists believe, will be enabled by growing investment in the resumption of electric drilling operations, the sinking of slant directional and horizontal wells and the renovation of the Seidi Oil Refinery.

Facilities worth a total of over $ 1,261 mm are to be made operative this year. Malaysian Petronas Carigali, Anglo-Arab Dragon Oil, British Barren Energy and Austrian Maitro International, which are operating under production-sharing agreement terms, plan to invest more than $ 255 mm in prospecting and oil deposits development.