Turkmenistan is targeting production of 1.6 million b/d of oil and 22 bcfd of natural gas by 2010.
Turkmenistan Fuel and Gas Minister N. Suyunov unveiled the goal at a meeting in the nation's capital, Ashghabad. Underpinning that outlook are the efforts of foreign joint ventures, notably a group led by Occidental Petroleum Corp. that recently won a tender offering for petroleum exploration and development in the former Soviet republic.
Suyonov cited geoscientists' observations that as much as 80% of his nation's territory is prospective for oil and gas. Official estimates place the country's gas reserve life at 50 years based on current production. Among former Soviet republics, Turkmenistan ranks second only to Russia in gas production, currently flowing as much as 8.05 bcfd.
Suyonov said the Oxy group's agreement also calls for assistance in developing oil and gas pipeline routes and negotiations with affected countries, as well as help with upgrading and expanding Turkmen refineries to boost total oil throughput capacity to 360,000 b/d from the current 238,000 b/d. Domestic oil demand is expected to peak at 200,000 b/d, leaving the balance for export.
In addition to its traditional gas sales to the West, Turkmenistan currently exports its oil directly to the Iranian province of Khorassan. And a railway is being built to link Turkmenistan with Middle East and Near East countries via Iran.
Largely on the strength of its hydrocarbon exports, Turkmenistan estimated its trade surplus at $2 billion in 1993, compared with $590 million in 1992.
Copyright 1994 Oil & Gas Journal. All Rights Reserved.
