Azernews.Az

By Aynur Jafarova

Turkmenistan plans to expand the geography of its supplies in the foreseeable future.

"There are favorable prerequisites for this and first of all sufficient raw material fields with proven hydrocarbon reserves estimated by our experts and approved by international auditors," Minister of the Oil and Gas Industry and Mineral Resources Muhammetnur Halylov said at the Turkmenistan Oil and Gas exhibition and conference (OGT-2013) on November 20.

According to Halylov, under the conditions of the rapidly changing global energy balance, Turkmenistan will play a most important role with its large resource potential and favorable investment environment.

Referring to Turkmenistan's initiative aimed at achieving energy security, Halylov cited it as an important factor of sustainable economic development and political stability.

The minister went on to say that ongoing geological exploration works indicate the existence of more gas reserves at Turkmenistan's giant Galkynysh gas field.

"Only the reserves of the Galkynysh gas field that rank second in the world confirm the existence of enormous gas potential. The results of the continuing geological exploration work here shows an expansion in gas-bearing area and possible existence of more gas reserves," the minister said.

Thanks to the opening of Galkynysh gas field, according to Halylov, the total proven reserves and potential hydrocarbon resources of Turkmenistan have significantly increased. The gas component accounts for 70 percent of the estimated potential hydrocarbon resources of the country.

The Galkynysh field located in Turkmenistan's Mary province is considered the second largest deposit in the world, with reserves of 26.2 trillion cubic meters.

Speaking at the event Chairman of the Turkmengeologiya State Corporation Atadurdy Berdyniyazov said that the geological exploration work in Turkmenistan has proved the existence of exhaustible reserves in the country's sub soils.

"At the moment, more than 162 oil and gas fields are open in the country. More than 1,000 promising oil and natural gas deposits have been discovered. This makes Turkmenistan one of the world's leading oil and gas powers," he said.

According to Berdyniyazov , the launch of the large Galkynysh field is a bright example of it. Complex work carried out by geologists allows for the identification of specific minerals.

The head of the state corporation also said that besides the land, the Turkmen part of the Caspian Sea is also considered as promising for oil and natural gas. In addition, currently 3D seismic research is being conducted in western and eastern parts of the country.

Turkmenistan, which is rich with hydrocarbon reserves, is one of the key players on the energy market in the resource-rich Caspian region. The Central Asian state has the world's fourth largest natural gas reserves after Russia, Iran and Qatar. It produces about 70-80 billion cubic meters of gas a year.

OGT-2013, a three-day international exhibition and conference which is organized by Turkmen Oil and Gas Ministry, the Chamber of Commerce with the participation of British Summit Trade Events Ltd. was opened in Ashgabat on November 19.

The main theme of the conference is 'International cooperation in the oil and gas industry of Turkmenistan: the potential, achievements and priorities'.