10 Jan 2024 15:05

Turkmenistan to showcase two offshore blocks, West Cheleken, Galkynysh and other energy projects to investors at Paris forum in April

ASHGABAT. Jan 10 (Interfax) - The next Turkmen Energy Investment Forum (TEIF) will take place in Paris on April 24-25.

The Forum's organizers are the Turkmennebit state oil concern and Turkmengas state gas concern, and the Turkmengeology state corporation in partnership with Turkmen Forum and UK-based GaffneyCline, Turkmen Forum said in a press release.

The focus of this year's conference will be attracting investment in offshore Blocks No. 21 and 23, West Cheleken, the optimization of production from mature fields, and next-phase developments of the giant Galkynysh field, which holds the world's second-largest gas reserves.

The purpose of the event is to expand the opportunities for attracting foreign direct investment in all aspects of Turkmenistan's energy sector and to strengthen regional dialogue on further sustainable development of the energy sector. Upstream, midstream and downstream opportunities will also be addressed. The Forum will bring together leading national and international energy companies, as well as experts.

"The country has so much to offer from hosting the world's largest onshore gas field - Galkynysh - to world-class natural conditions for the development of solar and wind power," the press release says.

The main factors behind Turkmenistan's growing appeal to foreign investors include the stable economic and political situation in the country, as well as the legislative framework and state guarantees.

The country's hydrocarbon resources are estimated at over 71 billion tonnes of oil equivalent, that is over 20 billion tonnes of oil and over 50 trillion cubic meters of natural gas. Turkmenistan holds the world's fourth-largest proven natural gas reserves, after Russia, Iran, and Qatar.

China is currently the biggest consumer of Turkmenistan's gas. Turkmenistan currently supplies China with over 30 billion cubic meters per year through the three lines, A, B, and C of the Central Asia Gas Pipeline system and, upon completion of the fourth D line, annual Turkmen natural gas supply will reach a contractual 65 bcm per year. Turkmenistan also supplies gas to Azerbaijan, Iran, and Russia.

Turkmenistan and its partners in the Turkmenistan-Afghanistan-Pakistan-India or TAPI gas pipeline project continue to support the implementation of this mega-project. The 1,853-km pipeline will deliver up to 33 bcm per year of natural gas from Galkynysh to three offtake points in Afghanistan, three offtake points in Pakistan, and a final off-take point at the Pakistan-India border to supply the Indian market.

Turkmenistan is actively developing its offshore fields in the Caspian Sea and onshore in the Balkan region. Currently, a number of international oil companies are producing oil and gas from contractual areas in the Caspian Sea, among them: ENI, Dragon Oil, and Petronas.

As well as pipeline gas exports, Turkmenistan is currently focusing on the deep processing of hydrocarbons, which in the long term may become dominant in the country's economy. In recent years, several gas chemical complexes have been commissioned, and in the near future, several more are planned in order to manufacture high-added value goods that are in demand on world markets.

Other strategic projects being implemented in phases include the reconstruction of the Turkmenbashy Complex of Oil Refineries and the Seyidi Complex of Oil Refineries. This year, additional facilities for the deep processing of oil and a hydrogen production unit will be built at both refineries.

Turkmenistan is actively developing its renewable energy sector. An example of this is the project the construction of a 10-megawatt hybrid solar-wind power plant near Altyn Asyr Lake in 2023, financed by the Abu Dhabi Development Fund.

The Forum in Paris is one of a series of events to be held by the national energy companies of Turkmenistan this year, and marks new approaches to investment attraction. Currently, the UK-based GaffneyCline is working to support to Turkmennebit in preparation of investment packages for the Turkmen sector of the Caspian Sea.