Foreign investments in Turkmen oil & gas projects to exceed $3.5 bn

Jul 03, 2015 12:00 AM

The volume of foreign investments in the development of Turkmenistan’s oil and gas projects within the production sharing agreements (PSA) are expected to exceed $3.5 billion, the country’s Ministry of Oil and Gas Industry and Mineral Resources reported.

This figure exceeded $3 billion in 2014.

Turkmenistan prioritizes signing of PSA by holding direct negotiations on developing the Caspian Sea resources. The local experts state that over 80 percent of the resources are in the deposits at a depth of over 3,000 meters, as well as in the frontier oil and gas areas.

Middle Caspian and South Caspian oil and gas basins are considered to be promising.

Currently, Turkmenistan produces around 10 million metric tons of oil per year and Turkmennebit (Turkmenoil) state concern remains the main producer.

Such companies as Petronas, Dragon Oil, RWE, Dea AG, Itera and others were involved in the development of the Turkmen sector of the Caspian Sea under the production sharing agreements. ENI company also shows interest in these activities, according to the latest data.

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