Turkmenistan has announced that all investment proposals are welcome for the development of the second and third stage of the Galkynysh gas field and the Caspian offshore sector.
The remarks were made at the Dubai forum on 26 April 2023 by the DPM of Turkmenistan for the oil and gas sector, Ashyrguly Begliyev. He was answering a question by Claire Godard of S&P Global Commodity Insights.
About Galkynysh, the second largest gas field in the world, Begliyev said, “Negotiations are underway to develop the second and third stages of the giant field. They are conducted on a non-exclusive basis and can be conducted with several investors in order to choose the most attractive offer for Turkmenistan.”
His remarks indicate clearly that the potential for investment in the Galkynysh field remains open for all.
The next promising vector of partnership is attraction of investments to the Turkmen sector of the Caspian Sea, he said.
“There are promising blocks for exploration and production, some blocks have sufficient geological and exploration information, which gives the right to say that there are potentially good reserves of hydrocarbons, gas, condensate and oil,” added Begliyev.
According to Begliev, a number of prospects are opening up in the development of mature fields.
We are talking about the extraction of residual oil reserves, which requires additional funds.
“We are attracting foreign companies that will come to us with new ideas and technologies,” the vice premier said.
From a legal point of view, the investment of foreign companies in this area can be regulated on the basis of various contracts, including service contracts with risk. /// nCa, 26 April 2023