Turkmenistan’s reserves in the shelf of the Caspian Sea are estimated at 12 billion tons of oil and 6.5 trillion cubic meters of gas, excluding the already contracted blocks.
The Turkmen Oil State Concern carries out drilling works in 5 wildcat wells, as well as 10 operating wells in the shallow waters of the Caspian Sea at an accelerated pace.
The state concern reported on June 1 that the drilling works correspond to the national development programs of the oil and gas industry of Turkmenistan for the period till 2030.
Under this program, the industry is assigned with a task to accelerate the development of new oil fields, increase the productivity of the exploited fields and output of oil reservoirs, to complexly mechanize and automate the production of hydrocarbons.
Currently, drilling operations are simultaneously conducted in 3 exploratory and 11 producing wells in Altiguyu field in Balkan province of Turkmenistan.
Turkmen Oil is equipped with cutting-edge equipments for drilling operations in ultra-deep wells, according to the information disseminated by the state concern.
Turkmenistan’s reserves in the shelf of the Caspian Sea are estimated at 12 billion tons of oil and 6.5 trillion cubic meters of gas, excluding the already contracted blocks.
Companies such as Petronas, Dragon Oil, Buried Hill, RWE Dea AG, Areti and Eni have been involved in the exploration work in the Turkmen sector of the Caspian Sea.
The total volume of investments made by the contractors operating in the Turkmen sector of the Caspian Sea on the basis of the Production Sharing Agreements, was estimated at over $3.5 billion in 2015, compared to over $3 billion in 2014.
Meanwhile, Turkmenistan aims to increase the production of finished goods, to improve oil refining within upgrade of the Turkmenbashy Complex of Oil Refineries.
Currently, the complex is increasing the volumes of oil refining and building up production of new types of oil products, according to the Ministry of Oil and Gas of Turkmenistan.
More than 10 million tons of hydrocarbons are refined per year at the TCOR.
Turkmenbashy Complex includes two refineries – one in the city of Turkmenbashy and the other one in the city of Seydi.
The refined oil is exported to Afghanistan, Tajikistan, Turkey, Georgia, Ukraine, United Arab Emirates and Switzerland.
Turkmenistan plans to increase the capacity of its oil refining industry to 20 million tons of oil by 2020, to 22 million tons by 2025, and to 30 million tons by 2030.
At the present, the country produces nearly 10 million tons of oil per year and the major part of this volume is refined locally.
Turkmenistan produced 0.3 percent of the total global oil output in 2014, according to the BP’s statistical review of energy world 2015.
source: azernews.az
