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Concern "Turkmennebit" aims for a broad international partnership

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31 March 2022

The oil assets of the State Concern "Turkmennebit" are concentrated mainly in the west of Turkmenistan and include more than 30 fields that are at various stages of development. This was announced by the Acting Chairman of the State Concern "Turkmennebit" Guychgeldi Baigeldiev, speaking on the second day of the International Forum on attracting foreign investment in the oil and gas sector of Turkmenistan.

 This territory belongs to the oldest oil regions of the world, where the industrial production of “black gold” has been carried out since the end of the 19th century. Throughout the history of the industrial development of oil and gas fields in our country, the concern has accumulated vast experience.

 Today, the concern is already successfully drilling deep and super-deep wells to search for oil and gas, Baigeldiyev said. Thus, drilling has already been carried out to depths of more than 7,000 meters and a number of wells have been successfully developed at the Uzynada field, where industrial oil condensate inflows have been obtained with a daily flow rate of up to 200 tons of gas and up to 500 thousand cubic meters.

 In order to successfully implement the tasks set for the oil and gas industry and ensure the timely implementation of the plans to increase the volume of oil production, the President of Turkmenistan on February 8 this year signed a resolution on the allocation of investments by the State Concern "Turkmennebit" in the amount of more than 250 million manats for the exploration and development of oil and gas fields.

 The discovery of the Uzynada field, located near the shelf of the Turkmen sector of the Caspian Sea, opens up broad prospects for the search for hydrocarbons not only on the land of Turkmenistan, but also greatly increases the potential for discovering new offshore fields in the Caspian. This, in turn, increases the attractiveness of foreign investment in the development of promising licensed blocks.

 According to Baygeldiyev, the development of hydrocarbon resources in the Turkmen sector of the Caspian Sea, which are estimated at 12.1 billion tons of oil and 6.1 trillion. cubic meters of gas is one of the priority areas where the concern welcomes foreign direct investment.

 It was also noted that from July 1, 2020, amendments to the Law of Turkmenistan “On hydrocarbon resources” came into force, which, along with the production of hydrocarbons, allow foreign investors to process the produced oil and gas.

 One of the important documents of great importance and which, undoubtedly, will give a significant impetus to the development of the entire Caspian region, was the Memorandum of Understanding signed in January 2021 between the governments of Turkmenistan and Azerbaijan on the joint exploration, development and development of hydrocarbon resources of the Dostluk field in the Caspian sea, Baigeldiev emphasized.

 As part of the practical implementation of the provisions of the Memorandum, a joint Working Group, as well as a joint Expert Group, were created to agree on the relevant documents, which over the past period have held a number of meetings to prepare an Agreement on cooperation between countries and other legal documents.

 Further, a short video was presented to the attention of the Forum participants, telling about the main activities of the State Concern "Turkmennebit".