Azernews.Az

By Aynur Jafarova

Turkmenistan's exploration well No. 27 in the Gunorta Gamyshlyja field gave a powerful commercial oil flow in the Balkan region.

The news was announced by local Turkmen media on March 1.

The well belongs to the Turkmenoil State Concern for further use. Research was conducted by the Turkmengeologiya State Concern.

"A gushing oil flow was seen while testing the wells of red beds in the range of 2,912-2,918 and 2,917-2,930 meters," the article says.

Thus, the accuracy of the estimated oil reserves was confirmed at the block of the oldest oil field in western Turkmenistan.

Turkmenoil annually produces about 10 million tons of oil, most of which is processed in local enterprises. A significant part of Turkmen oil is extracted by foreign companies such as Dragon Oil, Mitro, Burren Energy, Petronas, and others.

Turkmenoil plans to increase geological and technical measures in the Turkmen sector of the Caspian Sea in 2014. Work on drilling 21 prospective and explorative wells was completed in 2013.

Turkmenoil is also successfully developing the Turkmen shelf in the Caspian Sea, thereby increasing the number of production wells in the sea.

The hydrocarbon resources of the Caspian Sea's Turkmen shelf are estimated at 12 billion tons of oil and 6.5 trillion cubic meters of gas. Several contract areas, located in areas with middle and large depth, were put up for international tender.

Turkmenistan plans to bring the oil refining capacity to 15 million tons per year in 2015,
up to 20 million tons in 2020, up to 22 million tons in 2025, and 30 million tons of oil in 2030.

Turkmenoil occupies a leading position in Turkmenistan's economy and is involved in the production of oil and gas, chemicals, stone, and bentonite. In the years of independence, the Concern was able to increase oil production from five to eight million tons, and the gas processing has reached 11.6 billion cubic meters per year.