OREANDA-NEWS. November 21, 2008. The 13th international oil and gas conference Development of Oil and Gas Industry of Turkmenistan – OGT 2008 opened at the Ashgabat Expo Center is the most representative by the number of foreign participants.

Over 230 world-known oil and gas and service companies, international energy agencies and other authoritative organisations from 35 countries worldwide sent about 700 envoys to Ashgabat.

The largest international forum organized by the Ministry of Oil and Gas Industry and Mineral Resources, the State Agency for Hydrocarbon Resources Use and Management under President of Turkmenistan and British Summit Trade Events Ltd. gained the high status due to participation of the representative delegations from the European Union member states, the Russian Federation, United States, Great Britain, Malaysia, Norway, China, Afghanistan, Azerbaijan, India, Iran, Kazakhstan, the United Arab Emirates, Japan.

Such authoritative representation of the leading oil and gas companies at the forum evidences intense interest of the world business in establishing close co-operation with Turkmenistan that is conditioned by the reserves of hydrocarbon resources of global value in Turkmenistan as well as the endeavours of the Government of Turkmenistan to create the most-favored nation treatment providing for foreign partners through providing taxation relieves and legal guarantees.

The presentations made by the heads of the fuel and energy subdivisions of Turkmenistan on the country’s strategy and policy aimed at attracting new investments into the fuel and energy sector on the basis of the existing potential and expansion of international co-operation in all fields including exploration and development of deposits, oil and gas refinery, services, implementation of the large-scale investment projects on construction of industrial and gas transportation infrastructure and development of hydrocarbon resources of the Caspian Sea were of particular interest to the visitors and foreign guests.

The production sharing agreements were characterized as the most effective mechanism for establishing close business contcats with foreign companies. Thus, nowadays Turkmenistan collaborate with such oil and gas giants as Petronas Carigali, Dragon Oil, CNPC, Burren, Mitro International, Wintershall, Maersk Oil, ONGC Mittal Energy Ltd., Burried Hill in the ongoing four large-scale projects in the sea and 3 projects on land under the PSA terms and conditions.

According to independent international experts, ranking among the world’s energy producers Turkmenistan whose potential reserves of hydrocarbon resources are estimated at over 45.44 billion tons of oil equivalent has the vast opportunities to increase production volumes in the near future and to turn into a major energy exporter to the world market. The Director for the Global Energy Dialogue of the International Energy Agency said that in the near future the Central Asian region where Turkmenistan played the key role would be critical to meet the demand for energy rising worldwide.

The results of the international audit of the group of gas deposits Southern Yoloten-Osman and Yashlar field carried out by British Gaffney, Cline & Associates that proved Turkmenistan’s huge hydrocarbon reserves were a focus of the conference. Manager Gaffney, Cline & Associates (Great Britain, "GCA") Jim Gillete made the report on this theme. He noted that the existing reserves of Southern Yoloten-Osman was the guarantee of reliable supply of resources to the largest gas pipelines under construction as well as declared by Turkmenistan which would export Turkmen gas to the world markets.

Focusing on the exceptional importance of the audit of Turkmenistan’s energy potential the forum participants expressed belief that the results would foster international co-operation, effective development of abundant national resources and implementation of the country’s potential.

Those speaking at the conference including the specialists of BP, Chevron, Dragon Oil, Burren Energy, Petronas Carigali, Schlumberger, ExxonMobil, Gazprom Public Corporation, KazMunayGaz National Corporation, which have been successfully collaborating with Turkmenistan in the fuel and energy sector for many years and the companies which have just started to operate on the Turkmen market expressed intense interest in establishing long-term mutually advantageous co-operation with Turkmenistan on an equal basis.