Turkmen sector the Caspian Sea
19 July 2021
The development of oil and gas resources of Caspian Sea’s Turkmen sector on the basis of the Law of Turkmenistan “On Hydrocarbon Resources” is one of the priority issues for investment in the oil and gas industry of Turkmenistan.
The hydrocarbon resources of the Turkmen sector of the Caspian Sea are estimated at 12.1 billion tons of oil and 6.1 trillion. cubic meters of gas.
Caspian Sea Turkmen sector is divided into 32 licensed blocks, of which 4 (four) blocks are currently under Oil Works.
In the years from 1995 to 2000, Western Geophysical conducted a seismic survey and charted the entire territory of the Turkmen sector of the Caspian Sea. The volume of work performed amounted to 16,130 linear meters km. Based on the results of the interpretation of geological and geophysical materials, “Robertson Research International Limited” company prepared a geological survey data package for the Turkmen sector of the Caspian Sea.
The law provides the following types of contracts:
1) Production Sharing Agreement;
2) The concession agreement on the terms of royalties and tax;
3) Agreement on Joint Activities;
4) Service contract with risk.
Depending on the nature of specific oil works and other circumstances, a combination of these types and other types of Contracts is allowed.
Currently, within the framework of the concluded Production Sharing Agreements, the State Concerns of Turkmenistan are successfully cooperating in the implementation of a number of projects both at sea with the companies «Dragon Oil (Turkmenistan) Ltd.», «Petronas», «Buried Hill Serdar Limited» and «ARETI».
Detailed technical information on the offshore blocks of the Turkmen sector of the Caspian Sea is presented in the form of data package containing geological, geophysical and technical information that can be obtained by contacting the State Corporation «Turkmengeology».