SOCAR wins Eni’s tender for oil purchases from Turkmenistan

By Trend

SOCAR Trading has won a tender of Eni Turkmenistan to purchase around 500,000 tons of Okarem oil from Turkmenistan in 2021, Trend reports.

Azerbaijan’s state oil company SOCAR confirmed this information.

It is planned to export this oil via the Baku-Tbilisi-Ceyhan oil pipeline, said sources.

Eni operates under a Production Sharing Agreement (PSA) in the western part of Turkmenistan over an area of 200 square kilometres, 180 of which are held by Eni.

Production is essentially from the Burun field, whose oil is processed at the Turkmenbashi refinery and the associated gas is used for gas lift. Eni sell the remainder to Turkmenneft via the local network. In terms of development activities, the company has drilled new wells and implemented a workover program – a series of extraction or production completion processes for wells – to counteract their natural decline in production. Eni has reduced flaring emissions by 8 percent compared to 2017, reaching zero flaring in Burun, and have reduced emergency flaring.

According to official figures, Turkmenistan’s resource base is approximately 71.64 billion tons of oil equivalent, including 53 billion tons located in onshore fields and 18.21 billion tons in the Caspian Sea.

--

Follow us on Twitter @AzerNewsAz