Ashgabat, Turkmenistan, Mar. 29
By Huseyn Hasanov – Trend:
A memorandum of understanding was signed in the Turkmen capital of Ashgabat between Turkmenistan’s state-owned Turkmen Oil (Turkmennebit) company and the ARETI international group of companies (with its headquarters in Geneva, Switzerland), Trend reports referring to the Altyn Asyr local TV channel.
Within the framework of the document, preparations will be made for the development of a deposit rich in reserves, located on the island of Uzynada (part of Turkmenistan’s Balkan Region) in the Caspian Sea.
A meeting was held prior to the signing of the memorandum between the President of Turkmenistan Gurbanguly Berdimuhamedov and head of ARETI Igor Makarov.
“Conducting relevant work here will allow for realizing the huge potential of the country's oil and gas complex in the near future,” according to the head of state.
Turkmenistan pays primary attention to the development of significant reserves of the Turkmen section of the Caspian Sea and the diversification of energy export routes to global markets. According to the Watan newspaper, information about the planned work on Block-21 of the Turkmen shelf of the Caspian Sea was also stated at the meeting.
The interest in this project, as stated by Makarov, is due to its colossal potential, along with the favorable investment climate for foreign businesses in the country.
It was reported in 2017 that a promising natural gas field was discovered in Uzynada. As a result of drilling a super-deep well with a projected depth of 7,150 meters in the range of 6,689-6,695 meters, the specialists of Turkmen Oil obtained an industrial flow of natural fuel.
"According to preliminary estimates, the well productivity makes up 500,000 cubic meters of natural gas and 150 tons of gas condensate daily. Overall, this confirms the huge hydrocarbon potential of the coastal zone and shallow waters of the Caspian Sea," the information said.
The official website of ARETI states that the corporation was created as a result of the rebranding of the ITERA international group of companies, formed in 1992. The main activities of ARETI are projects in the field of fuel and energy complex, particularly the development of the shelf of the Turkmen sector of the Caspian Sea, trading, engineering, and development projects, as well as investments in the real sector of the economy. The company has been operating in Turkmenistan since 2009 based on a production sharing agreement.
The company operates on Block 21 of the Turkmen shelf of the Caspian Sea, consisting of 2 structures: West Erdekli and South Erdekli. The company reported earlier that research had shown that the hydrocarbon structures were highly promising. Following the processing of 2D/3D seismic data obtained after exploration, the estimated recoverable reserves of the block were estimated at 800 billion cubic meters of natural gas and 95.5 million tons of liquid hydrocarbons.
