In the near future, Turkmenistan intends to begin development of the promising “North Goturdepe” oil field that is located on the Caspian Sea shelf. A number of Turkmen media reported the news, citing the words of Deputy Prime Minister Yagshigeldi Kakaev. During the first meeting of the Turkmen government in 2017, the official noted that the findings indicate the presence of rich hydrocarbon reserves in the “North Goturdepe” field. In this regard, the state concern “Turkmenneft” created a project for development of this field.
 
“Turkmenoil” will take over the execution of about 90 percent of all the necessary work; a foreign investor will be attracted for the provision of services. During the first phase, about $600 million will be required for development of this field.
 
The first stage envisages drilling of a total of 60 operating and exploration wells. According to the preliminary calculations, the increase in detected geological oil reserves will amount to about 38.5 million tons. In the course of the further work, the total deposit reserves may increase to 87.3 million tons. In total, over the next seven years, plans are afoot to produce over 6,855,000 tons of oil.
 
In general, summing up the meeting, President of Turkmenistan Gurbanguly Berdimuhamedov stressed the need to intensify efforts aimed at industrial development of new deposits of hydrocarbon resources, including the promising fields located in the coastal zone and the Turkmen sector of the Caspian Sea.
 
To date, the proven resources of oil in the Caspian Sea are about ten billion tons; the total resources of oil and gas condensate are estimated at 18-20 billion tons. All five countries of the Caspian basin (Russia, Kazakhstan, Turkmenistan, Azerbaijan and Iran) are developing oil and gas fields in the shelf area.
 
Source: easttime.info