Turkmenistan intends to begin development of the promising oil field North Goturdepe in the Caspian Sea soon.
The news was reported by a number of Turkmen media, citing the words of Deputy Prime Minister Yagshigeldi Kakaev.
According to the official, during the first 2017 meeting of the Turkmen government, the findings indicate the presence of the rich hydrocarbon reserves in North Goturdepe. In this regard, the state concern Turkmenneft has developed the project of this field’s development.
At the same time, Turkmenneft will take over the execution of 90% of the work required and a foreign investor will be attracted for the purpose of providing services. In the first phase the development of this field will need about $ 600 million.
At the first stage it is planned to drill a total of 60 production and exploration wells. According to preliminary calculations, the increase in the identified geological oil reserves will amount to about 38.5 million tons. In the course of the further work total deposit reserves may increase to 87.3 million tons. In total, over the next seven years it is planned to produce over 6 million 855 thousand tons of oil.