Turkmenia announces international tender for Caspian Sea

Oct 20, 1997 02:00 AM

August 30, 1997 On Sept. 1 Turkmenia will announce the first round of an international tender for the right to prospect for and develop oil fields on its shelf in the Caspian Sea.
On the same day, a special body for the use of hydrocarbons set up by the president of Turkmenia will begin sending invitations to all interested companies and a list of promising sites to be offered during the first round.
Applications for the participation in the tender will be accepted until November 28. The results will be announced on January 1, 1998. The tender will become the first practical step in the implementation of Turkmenia's ambitious plans to develop its oil and gas sector. According to Turkmen specialists, the country's deposits in the Caspian Sea are believed to contain about 3 billion tonnes of oil and 4.8 trillion cubic metres of gas.
Future partners in the development of these fields may include companies as Unocal and Amoco, Agip, a Turkish oil company, a Japanese oil corporation and Petronas (Malaysia). These and other companies have already announced their desire to participate in the tender.
Turkmenia is also considering possible co-operation with Iran and Russia to develop the controversial Serdar (Kyapas) oil field in the Caspian Sea. Earlier Russia and Azerbaijan signed an agreement on its joint development, but later Russia annulled it.

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