Turkmenistan to increase Caspian oil and gas development activities

Feb 27, 2008 01:00 AM

Turkmenistan said it is expanding oil and gas development activities in the Caspian to explore more of the 32 oil and gas blocks.
President Gurbanguly Berdymukhamedov said only four of the available blocks are being developed. Turkmenistan will produce in excess of 81.5 bn cm of gas and 10.8 mm tons of oil by the end of 2008, he said.

Production levels in 2007 were more than 72 bn cm of gas and 9.8 mm tons of oil, but Turkmenistan is expected to produce more than 110 mm tons of oil and 250 bn cm of gas by 2030. The country has trade relations with 80 countries valued at more than $ 13 bn in 2007.
The president also noted that Turkmenistan's gross domestic product was $ 36 bn in 2007, a 16-% increase compared with 2006. Berdymukhamedov invited German companies to participate in oil, gas and petrochemical industries in his country, citing 44 projects in Turkmenistan that already involve German firms.

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