The Turkmen Republic of the U.S.S.R. has announced two major changes in the terms of bidding rounds scheduled for Sept. 25, 1991.
The size of the tracts being offered has been increased dramatically, and the minimum exploration work commitments have been sharply reduced.
Large tracts averaging 2,500 sq km will be available in addition to the 100 sq km blocks formerly announced (OGJ, Dec. 10, 1990, p. 26).
The nine block bidding unit system has been dropped.
The revised bidding units have been oriented with consideration to the major geological trends within the bidding sectors.
Maps are available from Wavetech Geophysical Inc., Denver, that show the formal bidding unit outlines for the West Turkmen and Yashlar sectors that will be involved in the September bidding round.
Minimum exploration work commitments have been reduced to $1,000/sq km in the first year, $2,000/sq km in the second year, and $4,000/sq km in the third year. These commitments in years 4 through 10 are $4,000/sq km in the West Turkmen sector and $5,000/sq km in the Yashlar sector.
Terms and conditions are formally set out in the final standard contract and have been approved by the Turkmen government and sanctioned by the All-Union petroleum ministries. The model contract is expected to be released momentarily.
Jack Holton, vice-president of exploration services for WaveTech, said that in modifying the block size and work commitments, the Turkmen government and All-Union ministries demonstrated their willingness and flexibility to address the genuine concerns of non-Soviet oil companies and their desire to facilitate the efficient joint development of mineral resources.
GeointerTech, the joint venture between WaveTech and Vnigni, has completed work on the geological studies and seismic database for the Amu-Daria and South Caspian basin framework studies and for the Yashlar and West Turkmen sector studies.
Studies on the Badkhyz and Tedzhen bidding sectors, which will be included in the second round of bidding, have also been completed.
WaveTech has set up rooms at its offices in Denver in which the studies and other Soviet data can be examined.
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