Turkmenistan produced 5,5 mm tons in 1998
Turkmenistan's oil output in the year is expected to exceed 5 mm tons, breaking a record over the past seven years,
the Ministry for the Oil and Gas Industry and Mineral Resources said.
The oil output of Turkmenistan's state oil company in January-November 1998 averaged about 17,500 tpd. Before the end of the year, the overall output will be 5.5 mm tons.
Taking into account the production volume of foreign companies, a total of 6,5 mm tons of oil will be produced on Turkmen territory this year, the ministry said.
The Turkmen oil industry is going through a revival, said the ministry. The production volume in the past two years has been rising by about 20 % annually.
The start of this decade marked a crisis for Turkmenistan's oil sector. The production volume fell to a little more than 4 mm tpy.
In the opinion of Deputy Prime Minister Batyr Sarjayev, who is in charge of the oil and gas sector, the country's oil output will grow to 50 mm tons in 2010.
Turkmenistan's oil reserves, including the Caspian offshore fields, are estimated at 12 bn tons, he said.