Turkmenistan to sign PSA with Mobil and Monument

Apr 21, 1998 02:00 AM

Turkmenistan's President Saparmurad Niyazov is expected to sign a PSA with Mobil Corp. and U.K. independent Monument Oil and Gas.
The Mobil-Monument alliance signed a memorandum of understanding last year for Zone 1, a huge tract covering most of western Turkmenistan from the Cheleken peninsula south to the Iranian border, and almost all the republic's onshore oil production.
The final deal almost certainly won't cover the whole area, though it will be for a substantial portion. Some of the acreage is likely to be kept for national producer Turkmenneft.
The area also will exclude Argentine Bridas' Keimir Block in the south, and the Nebit Dag Block operated since 1996 by Monument with partners Mobil and U.K.-based Burren Energy.

Mobil will be operator for the new area. Both foreign partners are trying to agree on a common equity across the block, though there has been talk that it would be shared out with Mobil holding 70 % in the north and 65 % in the south, and Monument holding the balance.

The Turkmens have signed other agreements recently. Austria's OMV and Turkey's TPAO in the past five months have signed separate preliminary deals to study Block 5, sandwiched between the Amu Darya River and the eastern border with Uzbekistan.
Niyazov is likely to ask Washington to lean on Moscow to permit a resumption of natural gas exports through the Russian pipeline network. The Turkmen leader pointed out that unless the northern export route is reopened, he may have to look south to Iran.

Source: not available
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