Ashgabat invited foreign companies to development of hydrocarbons in Turkmen part of the Caspian Sea, where, according to the local experts’ estimates, there are 11 billion metric tons of oil and 5.5 trillion cubic meters of gas (excluding already contracted blocks).
Turkmenistan considers it a priority to sign production sharing agreements (PSA) by means of direct negotiations on the development of Caspian resources.
Turkmen experts assert that over 80 percent of the resources are located in the sediments at depths of more than 3,000 meters, as well as in oil and gas concentration areas, which are poorly examined.
Two major oil and gas basins - the Middle Caspian Basin and South Caspian Basin are considered to prospective.
Turkmenistan annually produces about 10 million metric tons of oil, and the main oil producer in the country is the state concern, Turkmennebit (Turkmenoil).
Under the PSA type contracts, the development of the Turkmen part of the Caspian Sea involves in particular Petronas, Dragon Oil, Buried Hill, RWE and other companies.
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