Turkmenistan’s oil and gas industry needs $ 25 bn in investment

Jan 07, 2004 01:00 AM

The Turkmenistani oil and gas industry requires investment of $ 25 bn in the period from 2001 to 2010, the republic's Oil and Gas Industry and Natural Resource Minister Kurbannazar Nazarov said at the opening of the sixth Oil and Gas-2001 exhibition in Ashgabat.
The minister noted that of this amount over $ 7 bn is needed to buy oil and gas equipment.

Nazarov stressed that the Turkmenistani government is interested in attracting foreign companies to develop offshore oil and gas fields and to develop energy sector infrastructure.
Upcoming projects to develop the Turkmenistani oil and gas industry, build pipelines and develop infrastructure will be discussed at the international conference TIOGE in Ashgabat on October 17-18. It is expected that the exhibition will be attended by official delegations from Russia, Iran, Turkey and the US.

It is planned that one of the main themes at the conference will be the presentation of a new program to grant licenses to subsurface operators, which has been developed by the Turkmenistani government. The program involves granting permits to foreign companies to explore and develop fields both offshore and onshore.
According to the Oil and Gas Industry Ministry, the country's oil and gas reserves are estimated at 45.44 bn tons of oil equivalent.

Source: Interfax Information Services
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