Turkmenistan Eyes $3B Investment in its Caspian Oil & Gas in 2015

Source: Reuters 5/20/2015, Location: Asia

Turkmenistan, which owns the world's fourth-largest natural gas reserves, expects foreign companies to invest more than $3 billion in projects on its part of the Caspian Sea shelf this year, a Turkmen government official said.

This figure compares with the more than $2.5 billion invested in the Turkmen sector of the sea in 2014, Suleymanmurad Guladov, deputy head of the State Agency for Management and Use of Hydrocarbon Resourses, told an international gas congress.

Malaysia's Petronas is producing oil and gas, London-listed Dragon Oil is extracting oil, while Germany's RWE, Russia's Itera and Cyprus-headquartered Buried Hill are prospecting for oil on the sea shelf.

The five blocks now being developed by foreign firms under production sharing agreements with the government are part of a total of 32 licence blocks in the Turkmen sector of the Caspian.

"These other remaining blocks are a subject of direct talks with all other interested sides," Guladov said in a reference to potential investors.

Turkmen government estimates put the reserves of the Central Asian nation's Caspian Sea shelf at 12 billion tonnes of oil and more than 6 trillion cubic metres of natural gas.

But these riches lie very deep and demand costly development.


Japan >>  11/1/2024 - Nissan Motor Co., Ltd. announces that it has completed the investment in Kasai Kogyo Co., Ltd. (“Kasai Kogyo”) announced on May 9, and has acquired ne...
Canada >>  10/30/2024 - Investments in energy-saving programs are essential to help industries and workers build a more prosperous and sustainable future. The Government of C...

Russia >>  10/29/2024 - The Gazprom Board of Directors endorsed the revised investment program and budget (financial plan) of the Company for 2024.

The overall ...

United States >>  10/29/2024 - Woodside Energy will invest $650,000 in Louisiana through the end of 2025, reinforcing the company’s commitment to the region aThe investment will fun...

United States >>  10/24/2024 - BP Energy Partners, LLC ("BPEP"), a Dallas, Texas based investment manager, has closed on a growth investment in Novitech, Inc. ("Novitech" or "the Co...
Belgium >>  10/23/2024 - the Commission has selected 85 innovative net-zero projects to receive €4.8 billion in grants from the Innovation Fund, helping to put cutting-edge cl...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.