BAKU, Azerbaijan, August 1. Turkmenistan's oil reserves-to-production ratio has stabilized at eight years as of 2024, Trend reports via the Eni.
This figure reflects the number of years that known reserves would last at current production rates.
Oil reserves-to-production ratio (in years):
2017: 21
2018: 6
2019: 7
2020: 7
2021: 7
2022: 8
2023: 8
2024: 8
The report indicates that after a significant shift from 21 years in 2017, the ratio has remained stable over the past three years. This suggests a consistent and stable management of the country's oil reserves, a responsibility that falls to key state-owned enterprises such as Türkmennebit for production and Türkmengeologiýa for exploration and identification of new hydrocarbon fields.
Exploration and reserve maintenance are overseen by Türkmengeologiýa, which works in coordination with foreign partners such as Dragon Oil and CNPC on offshore and onshore developments. These partnerships have contributed to reserve delineation, improved recovery techniques, and technology transfer, helping sustain the reserves-to-production balance.
