ASHGABAT (TCA) — A project to develop the Demirgazyk Goturdepe oil field located in the Turkmen shelf of the Caspian Sea was discussed at the meeting of the Turkmen Government on January 6, the State News Agency of Turkmenistan reported.
The project is to be implemented through foreign investments.
Geological exploration data indicate the presence of rich hydrocarbon reserves at the field.
It is planned to build 60 exploration and production wells and other necessary facilities in the first phase of the project. According to preliminary calculations, the increase of geological reserves of oil will make approximately 38.5 million tons and total reserves of the oilfield are planned to be increased to 87.3 million tons during further works. Implementation of the project stipulates the production of more than 6.8 million tons of oil from this territory within seven years.
Around US $600 million is required for the development of the oilfield in the first stage. It is planned to involve foreign investments for implementation of this project on a cost reimbursement basis with part of produced oil. In this regard, it is planned to establish a joint venture with a foreign company where the main volume of works will be performed by the state oil concern Turkmenneft and the potential investor will perform services. The investment program stipulates the development of 15 thousand square meters of the territory of Demirgazyk Goturdepe field. The Turkmen side is to perform 90 percent of all works.
