Turkmenistan expects $ 63 bn to be invested in oil industry

Nov 18, 2003 01:00 AM

A total of $ 63 bn will be invested in Turkmenistan's oil industry over 17 years, Turkmen Oil and Gas Industry Minister Tachberdy Tagiyev said. Of that amount, $ 25.6 bn will be invested directly under production sharing agreements, he said.
Five such agreements are being implemented, with two on land and three in the Caspian Sea. They involve Petronas, Maersk Oil Turkmenistan, Burren Energy, Dragon Oil (Turkmenistan), and Maitro International. Since these projects were launched in 1996, over $ 800 mm has been invested in the Turkmen oil industry; $ 180 mm is expected to be invested in 2003.

Production sharing agreements are being negotiated with numerous companies, Tagiyev said. Turkmenistan is offering 32 licenses for developing promising areas on the Caspian seabed, he said.
Experts estimate Turkmenistan's hydrocarbon resources at 45.44 bn tons of oil. An oil industry development program provides for an output of 100 mm tons of oil and 240 bn cm of gas in 2020.

Source: Interfax
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