Turkmenistan signs gas and oil deal with Turkish Calik Energy

Dec 11, 2006 01:00 AM

Turkmen President Saparmurat Niyazov has signed an order allowing a Turkish company to take part in the development of a newly discovered giant oil and gas field, his office said.
The Calik Energy company plans to spend $ 140 mm (EUR 105 mm) to drill 12 oil wells up to 3,600 meters (nearly 12,000 feet) deep in the south-eastern town of Iolotan. Niyazov said in November that the Iolotan fields contained an estimated 7 tcm of natural gas, adding to the Central Asian state's proven commercial reserves of 2.8 tcm.

In November, Turkmenistan invited the China National Petroleum Corp. to participate in the development of the Iolotan fields. The CNPC plans to invest $ 152 mm (EUR 115 mm) in tapping the fields.
Turkmenistan possesses the second-biggest gas reserves among all ex-Soviet republics, after Russia, and its resources are playing an increasingly important role in regional geopolitics.

In April, Turkmenistan concluded an agreement to build a gas pipeline to China.
Currently Russia's state gas giant Gazprom controls the only transit route for Turkmen gas exports.

Source / AFX News Limited
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